Fortive (NYSE:FTV) Releases FY24 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.77-3.86 for the period, compared to the consensus 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.

Fortive Price Performance

Shares of Fortive stock traded down $0.27 during trading on Friday, hitting $75.94. 494,172 shares of the company were exchanged, compared to its average volume of 1,672,115. The stock has a market capitalization of $26.73 billion, a price-to-earnings ratio of 30.12, a P/E/G ratio of 2.32 and a beta of 1.13. The company has a quick ratio of 1.75, a current ratio of 1.50 and a debt-to-equity ratio of 0.38. Fortive has a fifty-two week low of $62.77 and a fifty-two week high of $87.10. The firm has a 50 day moving average price of $84.00 and a 200 day moving average price of $76.13.

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

Fortive Announces Dividend

The business 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s dividend payout ratio is presently 12.65%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTV. Wells Fargo & Company lowered their price objective on shares of Fortive from $92.00 to $84.00 and set an equal weight rating for the company in a research note on Thursday. Royal Bank of Canada decreased their price target on shares of Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research report on Thursday. JPMorgan Chase & Co. cut shares of Fortive from an overweight rating to a neutral rating and decreased their price target for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Mizuho upped their price target on shares of Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a research report on Thursday, February 1st. Finally, Citigroup cut their price objective on shares of Fortive from $101.00 to $98.00 and set a buy rating on the stock in a report on Thursday. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $86.46.

Insider Activity at Fortive

In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the transaction, the chief executive officer now owns 55,017 shares in the company, valued at approximately $4,676,445. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the transaction, the chief executive officer now owns 55,017 shares in the company, valued at approximately $4,676,445. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. Insiders sold a total of 63,937 shares of company stock valued at $5,475,122 in the last quarter. 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.