Fortive (NYSE:FTV) Issues FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 3.840-3.870 for the period, compared to the consensus EPS estimate of 3.810. The company issued revenue guidance of $6.2 billion-$6.3 billion, compared to the consensus revenue estimate of $6.3 billion.

Fortive Stock Up 0.1 %

Shares of FTV traded up $0.07 during trading hours on Monday, reaching $71.41. 268,652 shares of the stock traded hands, compared to its average volume of 1,900,426. The company has a current ratio of 1.25, a quick ratio of 0.95 and a debt-to-equity ratio of 0.33. The company has a market cap of $24.78 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 1.96 and a beta of 1.13. Fortive has a 52 week low of $64.69 and a 52 week high of $87.10. The stock has a fifty day simple moving average of $75.27 and a 200 day simple moving average of $74.39.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 EPS. On average, equities analysts forecast that Fortive will post 3.85 EPS for the current year.

Fortive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Friday, September 13th. Fortive’s dividend payout ratio (DPR) is 12.75%.

Wall Street Analyst Weigh In

Several research firms recently commented on FTV. TD Cowen raised Fortive from a “hold” rating to a “buy” rating and increased their price objective for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Royal Bank of Canada decreased their target price on shares of Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a research note on Thursday. Wolfe Research downgraded Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. upgraded Fortive from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $92.00 in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $88.20.

Insider Buying and Selling at Fortive

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the sale, the chief financial officer now owns 73,391 shares in the company, valued at approximately $5,433,135.73. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortive news, SVP Jonathan L. Schwarz sold 14,223 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the completion of the transaction, the senior vice president now owns 68,161 shares in the company, valued at $5,030,281.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the sale, the chief financial officer now directly owns 73,391 shares of the company’s stock, valued at $5,433,135.73. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by company 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.