Fortive (NYSE:FTV) Releases Q2 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.90-0.93 for the period, compared to the consensus estimate of $0.94. The company issued revenue guidance of ~$1.6 billion, compared to the consensus revenue estimate of $1.62 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Fortive Stock Performance

Shares of FTV stock opened at $80.61 on Wednesday. The business’s 50-day moving average price is $84.32 and its 200-day moving average price is $76.13. Fortive has a 12 month low of $62.70 and a 12 month high of $87.10. The firm has a market capitalization of $28.32 billion, a price-to-earnings ratio of 33.04, a PEG ratio of 2.45 and a beta of 1.13. The company has a current ratio of 2.05, a quick ratio of 1.75 and a debt-to-equity ratio of 0.35.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period last year, the firm posted $0.88 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts forecast that Fortive will post 3.78 EPS for the current year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s dividend payout ratio is currently 13.11%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTV. Truist Financial began coverage on Fortive in a research note on Thursday, March 14th. They issued a buy rating and a $99.00 price objective on the stock. Citigroup lifted their price objective on Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research note on Monday, April 8th. Wells Fargo & Company lifted their price objective on Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a research note on Thursday, February 1st. Barclays lifted their price objective on Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada boosted their price target on Fortive from $75.00 to $80.00 and gave the company a sector perform rating in a research note on Thursday, February 1st. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $86.54.

Insider Activity

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 61,855 shares in the company, valued at $5,336,849.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 61,855 shares in the company, valued at $5,336,849.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the sale, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The disclosure for this sale can be found here. Insiders sold a total of 63,937 shares of company stock worth $5,475,122 over the last quarter. 0.95% of the stock is currently owned by corporate insiders.

Fortive Company Profile

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.