Fortive (NYSE:FTV) Issues Q2 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.900-0.930 for the period, compared to the consensus estimate of 0.940. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Vertical Research cut Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Truist Financial began coverage on Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 price target on the stock. Royal Bank of Canada decreased their price objective on Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a report on Thursday. Mizuho boosted their target price on Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a report on Thursday, February 1st. Finally, Wells Fargo & Company reduced their target price on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a report on Thursday. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $86.46.

Fortive Stock Down 0.2 %

FTV stock traded down $0.18 during trading hours on Friday, reaching $76.03. 734,727 shares of the stock were exchanged, compared to its average volume of 1,675,138. The firm’s 50-day moving average is $84.00 and its 200-day moving average is $76.13. The company has a market cap of $26.76 billion, a price-to-earnings ratio of 30.12, a PEG ratio of 2.32 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. Fortive has a 12 month low of $62.77 and a 12 month high of $87.10.

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 net margin of 14.68% and a return on equity of 12.22%. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.53 billion. On average, equities research analysts expect that Fortive will post 3.79 earnings per share for the current year.

Fortive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.42%. Fortive’s dividend payout ratio (DPR) is currently 12.65%.

Insider Activity at Fortive

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at approximately $1,689,743.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at approximately $1,689,743.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tamara S. Newcombe sold 5,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the sale, the chief executive officer now owns 55,017 shares of the company’s stock, valued at $4,676,445. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,937 shares of company stock worth $5,475,122. 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.