Fortive (NYSE:FTV) Updates FY 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 3.770-3.860 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

FTV has been the subject of a number of research analyst reports. Citigroup dropped their price objective on Fortive from $101.00 to $98.00 and set a buy rating for the company in a report on Thursday. Truist Financial began coverage on Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 price objective for the company. Royal Bank of Canada decreased their target price on Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research report on Thursday. StockNews.com upgraded Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Finally, Wells Fargo & Company decreased their target price on Fortive from $92.00 to $84.00 and set an equal weight rating for the company in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Fortive has an average rating of Moderate Buy and an average target price of $86.46.

Fortive Price Performance

Shares of FTV traded down $0.18 during midday trading on Friday, reaching $76.03. The stock had a trading volume of 734,727 shares, compared to its average volume of 1,675,138. Fortive has a 52 week low of $62.77 and a 52 week high of $87.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The firm’s 50 day moving average price is $84.00 and its 200-day moving average price is $76.13. The company has a market capitalization of $26.76 billion, a P/E ratio of 30.12, a P/E/G ratio of 2.32 and a beta of 1.13.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. On average, analysts forecast that Fortive will post 3.79 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 0.42%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio is presently 12.65%.

Insider Transactions at Fortive

In related news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total value of $3,523,416.36. Following the transaction, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total value of $3,523,416.36. Following the transaction, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stacey A. Walker sold 9,106 shares of Fortive stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total value of $787,669.00. Following the completion of the transaction, the senior vice president now owns 36,558 shares in the company, valued at $3,162,267. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,937 shares of company stock valued at $5,475,122. 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.