Fortive (NYSE:FTV) Upgraded to “Outperform” at Credit Suisse Group

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Fortive (NYSE:FTV) was upgraded by equities research analysts at Credit Suisse Group from a “neutral” rating to an “outperform” rating in a note issued to investors on Monday, The Fly reports.

Several other analysts have also recently issued reports on FTV. Zacks Investment Research raised shares of Fortive from a “sell” rating to a “hold” rating and set a $72.00 price objective for the company in a research note on Tuesday, October 1st. Royal Bank of Canada set a $73.00 target price on shares of Fortive and gave the stock a “hold” rating in a research note on Friday, October 25th. Bank of America decreased their target price on shares of Fortive from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Berenberg Bank set a $86.00 target price on Fortive and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Morgan Stanley dropped their price target on Fortive from $85.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $77.92.

Shares of FTV opened at $72.87 on Monday. Fortive has a 52-week low of $62.89 and a 52-week high of $89.48. The stock has a market cap of $24.47 billion, a PE ratio of 23.81, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21. The firm’s fifty day moving average is $71.38 and its two-hundred day moving average is $73.37. The company has a quick ratio of 0.96, a current ratio of 1.19 and a debt-to-equity ratio of 0.72.

Fortive (NYSE:FTV) last issued its earnings results on Thursday, October 24th. The technology company reported $0.87 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.87. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Fortive had a net margin of 37.57% and a return on equity of 17.41%. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share. As a group, research analysts anticipate that Fortive will post 3.45 earnings per share for the current year.

In other Fortive news, SVP Martin Gafinowitz sold 30,000 shares of Fortive stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $71.27, for a total transaction of $2,138,100.00. Following the transaction, the senior vice president now directly owns 101,169 shares of the company’s stock, valued at $7,210,314.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.70% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC acquired a new position in shares of Fortive during the 2nd quarter worth about $218,000. Creative Planning increased its stake in Fortive by 12.7% in the second quarter. Creative Planning now owns 14,620 shares of the technology company’s stock valued at $1,192,000 after purchasing an additional 1,653 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in Fortive by 24.9% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 114,957 shares of the technology company’s stock valued at $9,371,000 after purchasing an additional 22,900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Fortive by 5.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,246 shares of the technology company’s stock valued at $4,341,000 after purchasing an additional 2,888 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Fortive by 14.0% during the second quarter. First Trust Advisors LP now owns 951,325 shares of the technology company’s stock worth $77,552,000 after purchasing an additional 116,861 shares in the last quarter. Institutional investors own 82.88% of the company’s stock.

About Fortive

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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

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