Fortive (NYSE:FTV) Updates FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.770-3.860 for the period, compared to the consensus estimate of 3.800. The company issued revenue guidance of $6.4 billion-$6.4 billion, compared to the consensus revenue estimate of $6.5 billion. Fortive also updated its FY24 guidance to $3.77-3.86 EPS.

Fortive Stock Down 0.6 %

Fortive stock traded down $0.44 during midday trading on Thursday, hitting $75.61. 916,844 shares of the company were exchanged, compared to its average volume of 1,667,180. The company’s fifty day moving average price is $84.16 and its 200-day moving average price is $76.13. The company has a market cap of $26.62 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 2.47 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 1.75. Fortive has a fifty-two week low of $62.70 and a fifty-two week high of $87.10.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a return on equity of 12.12% and a net margin of 14.27%. On average, research analysts predict that Fortive will post 3.78 EPS for the current fiscal year.

Fortive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Friday, May 31st. Fortive’s payout ratio is 13.11%.

Analyst Ratings Changes

FTV has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their target price on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a research report on Thursday. Royal Bank of Canada cut their target price on Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a research report on Thursday. Truist Financial initiated coverage on Fortive in a research report on Thursday, March 14th. They issued a buy rating and a $99.00 target price on the stock. Barclays upped their target price on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Finally, StockNews.com raised Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Fortive presently has a consensus rating of Moderate Buy and a consensus target price of $86.69.

Insiders Place Their Bets

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the 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 sale, the chief executive officer now directly owns 55,017 shares of the company’s stock, valued at $4,676,445. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 20,564 shares in the company, valued at $1,689,743.88. The disclosure for this sale can be found here. Insiders have sold 63,937 shares of company stock valued at $5,475,122 over the last three months. Company insiders own 0.95% of the company’s stock.

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.