Fortive (NYSE:FTV) was downgraded by research analysts at JPMorgan Chase from an “overweight” rating to a “neutral” rating in a report released on Friday, March 9th, Marketbeat.com reports. They currently have a $84.00 price objective on the technology company’s stock. JPMorgan Chase’s target price indicates a potential upside of 11.35% from the company’s current price.
FTV has been the subject of several other research reports. BMO Capital Markets started coverage on Fortive in a research report on Wednesday, November 15th. They set an “outperform” rating and a $82.00 price objective for the company. Royal Bank of Canada restated a “hold” rating and set a $79.00 price target on shares of Fortive in a report on Thursday, January 4th. Barclays began coverage on Fortive in a report on Thursday, February 15th. They issued an “overweight” rating and a $86.00 price objective for the company. UBS assumed coverage on Fortive in a report on Monday, January 22nd. They issued a “buy” rating for the company. Finally, Zacks Investment Research downgraded Fortive from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Fortive presently has an average rating of “Hold” and a consensus price target of $77.50.
Shares of FTV stock traded down $2.08 during trading on Friday, hitting $75.44. The company had a trading volume of 1,673,642 shares, compared to its average volume of 1,674,689. Fortive has a 52 week low of $59.54 and a 52 week high of $80.31. The company has a current ratio of 1.83, a quick ratio of 1.47 and a debt-to-equity ratio of 1.07. The stock has a market cap of $26,979.41, a price-to-earnings ratio of 26.10, a price-to-earnings-growth ratio of 2.35 and a beta of 0.41.
Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, February 8th. The technology company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. Fortive had a return on equity of 30.54% and a net margin of 15.69%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm posted $0.68 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. sell-side analysts forecast that Fortive will post 3.42 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of FTV. Ashfield Capital Partners LLC raised its stake in Fortive by 3.8% in the fourth quarter. Ashfield Capital Partners LLC now owns 18,760 shares of the technology company’s stock valued at $1,357,000 after buying an additional 685 shares during the last quarter. Marble Harbor Investment Counsel LLC increased its holdings in shares of Fortive by 9.0% in the third quarter. Marble Harbor Investment Counsel LLC now owns 8,475 shares of the technology company’s stock valued at $600,000 after purchasing an additional 700 shares during the period. Amalgamated Bank increased its holdings in shares of Fortive by 2.0% in the third quarter. Amalgamated Bank now owns 36,808 shares of the technology company’s stock valued at $2,606,000 after purchasing an additional 719 shares during the period. Lombard Odier Asset Management Switzerland SA grew its holdings in Fortive by 2.2% during the fourth quarter. Lombard Odier Asset Management Switzerland SA now owns 36,741 shares of the technology company’s stock worth $2,658,000 after acquiring an additional 774 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in Fortive by 2.7% during the third quarter. CIBC Asset Management Inc now owns 30,124 shares of the technology company’s stock worth $2,132,000 after acquiring an additional 781 shares during the period. Hedge funds and other institutional investors own 81.29% of the company’s stock.
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Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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