Wall Street analysts expect that Fortive Corp (NYSE:FTV) will announce $1.92 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Fortive’s earnings, with estimates ranging from $1.84 billion to $1.96 billion. Fortive posted sales of $1.84 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 4.3%. The firm is expected to report its next quarterly earnings results on Thursday, October 24th.
According to Zacks, analysts expect that Fortive will report full year sales of $7.43 billion for the current fiscal year, with estimates ranging from $7.30 billion to $7.58 billion. For the next fiscal year, analysts expect that the business will report sales of $7.92 billion, with estimates ranging from $7.78 billion to $8.07 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Fortive.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, July 25th. The technology company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Fortive had a net margin of 38.22% and a return on equity of 18.43%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis.
A number of research analysts have recently commented on FTV shares. ValuEngine cut shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, May 13th. Gordon Haskett cut shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley cut shares of Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 price target on the stock. in a report on Wednesday, May 8th. They noted that the move was a valuation call. Berenberg Bank started coverage on shares of Fortive in a report on Wednesday, May 15th. They issued a “buy” rating and a $96.00 price target on the stock. Finally, Cowen cut shares of Fortive from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $75.00 to $65.00 in a report on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $85.87.
Shares of FTV traded up $0.03 during midday trading on Friday, hitting $67.36. The stock had a trading volume of 58,693 shares, compared to its average volume of 1,996,436. Fortive has a 1 year low of $62.89 and a 1 year high of $89.48. The stock has a market capitalization of $23.17 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 2.03 and a beta of 1.19. The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 0.76. The company’s 50 day moving average is $77.67.
In other Fortive news, SVP Stacey A. Walker sold 34,446 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $70.70, for a total transaction of $2,435,332.20. Following the completion of the sale, the senior vice president now directly owns 20,015 shares of the company’s stock, valued at $1,415,060.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Emily A. Weaver sold 519 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $80.98, for a total transaction of $42,028.62. Following the completion of the transaction, the vice president now directly owns 8,627 shares of the company’s stock, valued at $698,614.46. The disclosure for this sale can be found here. Corporate insiders own 12.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in FTV. FNY Investment Advisers LLC purchased a new position in shares of Fortive in the 1st quarter valued at approximately $25,000. Glassman Wealth Services raised its position in shares of Fortive by 158.8% in the 1st quarter. Glassman Wealth Services now owns 308 shares of the technology company’s stock valued at $26,000 after purchasing an additional 189 shares during the last quarter. Baldwin Brothers Inc. MA purchased a new position in shares of Fortive in the 1st quarter valued at approximately $29,000. Rational Advisors LLC purchased a new position in shares of Fortive in the 2nd quarter valued at approximately $33,000. Finally, Paragon Capital Management LLC purchased a new position in shares of Fortive in the 1st quarter valued at approximately $34,000. 83.64% of the stock is owned by hedge funds and other institutional investors.
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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