Fortive (NYSE:FTV) Issues Earnings Results, Beats Estimates By $0.01 EPS

Fortive (NYSE:FTV) posted its quarterly earnings data on Wednesday. The technology company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01, Briefing.com reports. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter last year, the company earned $0.85 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis.

Fortive Stock Performance

NYSE FTV traded up $1.00 on Friday, hitting $70.99. 2,623,728 shares of the company traded hands, compared to its average volume of 1,814,860. The company has a market capitalization of $24.87 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.04 and a beta of 1.12. The company has a current ratio of 1.23, a quick ratio of 1.17 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average price is $74.03 and its 200-day moving average price is $78.35. Fortive has a 52-week low of $63.05 and a 52-week high of $87.10.

Analyst Upgrades and Downgrades

Several analysts have commented on FTV shares. Barclays cut their target price on Fortive from $93.00 to $91.00 and set an “overweight” rating on the stock in a research note on Thursday. Truist Financial cut their target price on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and cut their target price for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Royal Bank of Canada cut their target price on Fortive from $83.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Thursday. Finally, TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and increased their target price for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Fortive currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.92.

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.