$1.76 Billion in Sales Expected for Fortive Corporation (FTV) This Quarter
Brokerages expect that Fortive Corporation (NYSE:FTV) will announce $1.76 billion in sales for the current quarter, Zacks reports. Eight analysts have issued estimates for Fortive Corporation’s earnings. The lowest sales estimate is $1.70 billion and the highest is $1.81 billion. Fortive Corporation reported sales of $1.63 billion during the same quarter last year, which would suggest a positive year over year growth rate of 8%. The company is scheduled to issue its next quarterly earnings report on Tuesday, February 6th.
On average, analysts expect that Fortive Corporation will report full year sales of $1.76 billion for the current year, with estimates ranging from $6.51 billion to $6.66 billion. For the next year, analysts anticipate that the firm will report sales of $7.16 billion per share, with estimates ranging from $7.05 billion to $7.36 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Fortive Corporation.
Fortive Corporation (NYSE:FTV) last issued its quarterly earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Fortive Corporation had a return on equity of 31.67% and a net margin of 14.39%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the company posted $0.65 EPS. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year.
A number of research analysts recently commented on FTV shares. Zacks Investment Research raised Fortive Corporation from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a research note on Tuesday, September 19th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $81.00 price objective on shares of Fortive Corporation in a research note on Friday, October 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $72.00 price objective (up from $71.00) on shares of Fortive Corporation in a research note on Monday, October 2nd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $66.00 price objective on shares of Fortive Corporation in a research note on Friday, September 15th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $62.00 target price on shares of Fortive Corporation in a report on Sunday, July 30th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $69.10.
In other Fortive Corporation news, SVP Stacey A. Walker sold 4,775 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $72.49, for a total value of $346,139.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 6,565 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $66.09, for a total transaction of $433,880.85. The disclosure for this sale can be found here. Company insiders own 12.10% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of FTV. Spot Trading L.L.C. purchased a new stake in Fortive Corporation in the first quarter worth about $637,000. OppenheimerFunds Inc. lifted its holdings in Fortive Corporation by 2.9% in the first quarter. OppenheimerFunds Inc. now owns 13,074 shares of the technology company’s stock worth $787,000 after buying an additional 373 shares during the period. Renaissance Technologies LLC purchased a new stake in Fortive Corporation in the first quarter worth about $19,620,000. KCG Holdings Inc. purchased a new stake in Fortive Corporation in the first quarter worth about $462,000. Finally, Oppenheimer & Co. Inc. lifted its holdings in Fortive Corporation by 174.3% in the first quarter. Oppenheimer & Co. Inc. now owns 29,233 shares of the technology company’s stock worth $1,760,000 after buying an additional 18,575 shares during the period. Institutional investors and hedge funds own 78.85% of the company’s stock.
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About Fortive Corporation
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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