Fortive (NYSE:FTV) Releases FY24 Earnings Guidance

Fortive (NYSE:FTV) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.77-3.86 for the period, compared to the consensus earnings per share estimate of $3.79. The company issued revenue guidance of ~$6.35-6.43 billion, compared to the consensus revenue estimate of $6.48 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTV. JPMorgan Chase & Co. lowered 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. Wells Fargo & Company increased their target price on Fortive from $79.00 to $85.00 and gave the company an equal weight rating in a research note on Thursday, February 1st. Truist Financial initiated coverage on Fortive in a research note on Thursday, March 14th. They issued a buy rating and a $99.00 target price on the stock. Barclays increased their price target on Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. Finally, Citigroup increased their price target on Fortive from $90.00 to $101.00 and gave the stock a buy rating in a report on Monday, April 8th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $86.54.

Fortive Stock Down 5.8 %

FTV stock opened at $76.05 on Thursday. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average price of $84.16 and a two-hundred day moving average price of $76.13. The company has a market cap of $26.77 billion, a price-to-earnings ratio of 31.17, a P/E/G ratio of 2.47 and a beta of 1.13. Fortive has a twelve month low of $62.70 and a twelve month high of $87.10.

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

Fortive Dividend Announcement

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

Insider Buying and Selling at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive 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 completion of the transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, 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 transaction of $425,000.00. Following the sale, the chief executive officer now owns 55,017 shares in the company, valued at approximately $4,676,445. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction dated Friday, February 9th. The stock was 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 sold 63,937 shares of company stock valued at $5,475,122 in the last three months. Corporate 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.