Fortive (NYSE:FTV) Issues Q2 Earnings Guidance

Fortive (NYSE:FTV) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.90-0.93 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. Barclays raised their target price on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. Truist Financial began coverage on shares of Fortive in a report on Thursday, March 14th. They issued a buy rating and a $99.00 target price on the stock. JPMorgan Chase & Co. cut shares of Fortive from an overweight rating to a neutral rating and dropped their target price for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Finally, Royal Bank of Canada raised their target price on shares of Fortive from $75.00 to $80.00 and gave the stock a sector perform rating in a report on Thursday, February 1st. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $86.54.

Fortive Stock Performance

Fortive stock opened at $76.05 on Thursday. The company’s 50-day moving average price is $84.16 and its 200-day moving average price is $76.13. Fortive has a twelve month low of $62.70 and a twelve month high of $87.10. 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 company has a market cap of $26.77 billion, a PE ratio of 31.17, a price-to-earnings-growth ratio of 2.47 and a beta of 1.13.

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

Fortive Dividend Announcement

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

Insider Buying and Selling

In related news, SVP Stacey A. Walker sold 9,106 shares of Fortive stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the completion of the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Stacey A. Walker sold 9,106 shares of Fortive stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the completion of the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction dated 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 transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,937 shares of company stock valued at $5,475,122. Company 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.