Fortive (NYSE:FTV) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Fortive (NYSE:FTV) from a hold rating to a buy rating in a report issued on Wednesday, January 3rd. They currently have $81.00 price target on the technology company’s stock.
According to Zacks, “Fortive Corporation is currently benefiting from strength in developed markets, improved performance by Tektronix and automation businesses in North America. Ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation are the positives. We note that acquisitions of Industrial Scientific and Landauer is anticipated to drive recurring revenues. The company’s subscription-based radiation exposure services are focused in the medical end market. However, end market cyclicality, integration issues and uncertainties in the international markets pose concerns. In the past 12 months, the stock has underperformed the industry it belongs to.”
Other equities research analysts have also recently issued research reports about the stock. Citigroup lifted their price target on shares of Fortive from $72.00 to $74.00 and gave the stock a neutral rating in a report on Friday, October 27th. Stifel Nicolaus boosted their target price on shares of Fortive from $62.00 to $72.00 and gave the company a hold rating in a report on Friday, October 27th. Morgan Stanley reissued an equal weight rating and set a $72.00 target price (up previously from $71.00) on shares of Fortive in a report on Monday, October 2nd. Argus raised shares of Fortive from a hold rating to a buy rating in a report on Friday, December 1st. Finally, ValuEngine cut shares of Fortive from a buy rating to a hold rating in a report on Thursday, November 30th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $73.30.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Friday, February 23rd will be issued a $0.07 dividend. The ex-dividend date is Thursday, February 22nd. This represents a $0.28 annualized dividend and a dividend yield of 0.37%. Fortive’s payout ratio is currently 10.57%.
In related news, insider James A. Lico sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $73.14, for a total value of $3,657,000.00. Following the completion of the transaction, the insider now directly owns 166,014 shares in the company, valued at $12,142,263.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.10% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in FTV. Steward Partners Investment Advisory LLC purchased a new stake in Fortive during the third quarter valued at about $135,000. Westwood Holdings Group Inc. purchased a new stake in Fortive during the second quarter valued at about $139,000. Sun Life Financial INC boosted its position in Fortive by 21,940.0% during the second quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock valued at $140,000 after buying an additional 2,194 shares during the period. Willingdon Wealth Management purchased a new stake in Fortive during the third quarter valued at about $143,000. Finally, Captrust Financial Advisors purchased a new stake in Fortive during the second quarter valued at about $147,000. Institutional investors own 78.86% of the company’s stock.
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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