Fortive (NYSE:FTV) Issues Q2 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.900-0.930 for the period, compared to the consensus earnings per share estimate of 0.940. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Fortive Price Performance

FTV opened at $81.10 on Wednesday. Fortive has a 1 year low of $62.70 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05. The company’s 50 day simple moving average is $84.32 and its 200 day simple moving average is $76.13. The stock has a market capitalization of $28.50 billion, a PE ratio of 33.04, a P/E/G ratio of 2.45 and a beta of 1.13.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, January 31st. The technology company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 earnings per share. As a group, sell-side analysts expect that Fortive will post 3.78 EPS for the current year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. Fortive’s dividend payout ratio (DPR) is 13.11%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTV shares. StockNews.com raised Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Truist Financial initiated coverage on Fortive in a report on Thursday, March 14th. They issued a buy rating and a $99.00 price target for the company. Vertical Research cut shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Barclays raised their price target on shares of Fortive from $89.00 to $97.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Finally, Citigroup upped their price objective on shares of Fortive from $90.00 to $101.00 and gave the company a buy rating in a research report on Monday, April 8th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $86.54.

Insider Activity

In related news, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the sale, the chief executive officer now directly owns 55,017 shares in the company, valued at $4,676,445. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the completion of the transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Tamara S. Newcombe sold 5,000 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the sale, the chief executive officer now directly owns 55,017 shares in the company, valued at approximately $4,676,445. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,937 shares of company stock valued at $5,475,122. Insiders own 0.95% of the company’s stock.

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.