Rosenblatt Securities Initiates Coverage on Fortive (NYSE:FTV)

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Rosenblatt Securities initiated coverage on shares of Fortive (NYSE:FTV) in a research note issued to investors on Thursday, The Fly reports. The firm issued a neutral rating and a $77.00 target price on the technology company’s stock.

Other equities analysts also recently issued reports about the stock. Barclays dropped their target price on shares of Fortive from $84.00 to $82.00 and set an overweight rating for the company in a report on Friday, October 25th. Credit Suisse Group raised their target price on shares of Fortive from $73.00 to $75.00 and gave the company a neutral rating in a report on Friday, October 25th. Royal Bank of Canada set a $73.00 target price on shares of Fortive and gave the company a hold rating in a report on Friday, October 25th. Berenberg Bank set a $86.00 target price on shares of Fortive and gave the company a buy rating in a report on Wednesday, September 18th. Finally, Gordon Haskett downgraded shares of Fortive from a buy rating to a hold rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $78.25.

NYSE:FTV traded up $0.59 during mid-day trading on Thursday, hitting $72.88. 852,302 shares of the company’s stock traded hands, compared to its average volume of 1,727,824. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.96 and a current ratio of 1.19. The firm’s 50 day simple moving average is $68.97 and its 200 day simple moving average is $75.10. Fortive has a 1 year low of $62.89 and a 1 year high of $89.48. The company has a market cap of $24.68 billion, a PE ratio of 23.82, a price-to-earnings-growth ratio of 2.68 and a beta of 1.21.

Fortive (NYSE:FTV) last posted its earnings results on Thursday, October 24th. The technology company reported $0.87 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.87. Fortive had a net margin of 37.57% and a return on equity of 17.41%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the firm posted $0.86 EPS. The firm’s revenue for the quarter was up 16.2% on a year-over-year basis. On average, research analysts expect that Fortive will post 3.45 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in FTV. Nuveen Asset Management LLC boosted its stake in shares of Fortive by 23,241.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,906,599 shares of the technology company’s stock worth $318,466,000 after purchasing an additional 3,889,862 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Fortive by 47.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,759,436 shares of the technology company’s stock worth $531,987,000 after purchasing an additional 2,490,746 shares during the last quarter. Parnassus Investments CA boosted its stake in shares of Fortive by 33.7% during the 3rd quarter. Parnassus Investments CA now owns 1,302,298 shares of the technology company’s stock worth $89,286,000 after purchasing an additional 328,567 shares during the last quarter. Baillie Gifford & Co. boosted its stake in shares of Fortive by 19.5% during the 2nd quarter. Baillie Gifford & Co. now owns 1,873,187 shares of the technology company’s stock worth $152,702,000 after purchasing an additional 305,037 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of Fortive by 14.8% during the 2nd quarter. Schroder Investment Management Group now owns 2,232,096 shares of the technology company’s stock worth $181,961,000 after purchasing an additional 287,449 shares during the last quarter. 82.75% of the stock is currently owned by institutional investors.

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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