Fortive (NYSE:FTV) Earns Equal Weight Rating from Barclays

Fortive (NYSE:FTV)‘s stock had its “equal weight” rating reiterated by stock analysts at Barclays in a research note issued to investors on Thursday, MarketBeat.com reports. They presently have a $54.00 price objective on the technology company’s stock, down from their prior price objective of $58.00. Barclays‘s price target suggests a potential upside of 12.24% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. BNP Paribas restated a “neutral” rating on shares of Fortive in a research report on Thursday, June 12th. Melius lowered Fortive from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research note on Tuesday, July 22nd. Truist Financial reaffirmed a “hold” rating and issued a $55.00 price objective (down from $60.00) on shares of Fortive in a research note on Thursday, July 31st. JPMorgan Chase & Co. reduced their price target on Fortive from $87.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 2nd. Finally, TD Cowen downgraded Fortive from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $85.00 to $50.00 in a report on Tuesday, July 15th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortive presently has an average rating of “Hold” and a consensus price target of $65.57.

Fortive Price Performance

Fortive stock opened at $48.11 on Thursday. Fortive has a 12 month low of $46.34 and a 12 month high of $83.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. The business has a 50 day simple moving average of $56.46 and a 200-day simple moving average of $67.36. The stock has a market capitalization of $16.28 billion, a PE ratio of 21.67, a price-to-earnings-growth ratio of 3.03 and a beta of 1.08.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.02). Fortive had a return on equity of 11.96% and a net margin of 13.62%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the company earned $0.93 EPS. Fortive’s revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts predict that Fortive will post 4.05 earnings per share for the current year.

Fortive declared that its Board of Directors has approved a share buyback program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Parvin Asset Management LLC acquired a new position in Fortive during the 4th quarter worth $26,000. American National Bank & Trust acquired a new stake in shares of Fortive in the first quarter valued at $26,000. Accent Capital Management LLC purchased a new stake in Fortive during the first quarter valued at about $26,000. Global X Japan Co. Ltd. boosted its stake in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the period. Finally, Park Square Financial Group LLC purchased a new position in shares of Fortive during the fourth quarter valued at $30,000. 94.94% of the stock is currently owned by institutional investors.

About Fortive

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.