Fortive (NYSE:FTV) Issues FY 2024 Earnings Guidance

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

Fortive Stock Performance

Shares of FTV traded down $0.24 during mid-day trading on Friday, hitting $75.97. 1,918,843 shares of the company traded hands, compared to its average volume of 1,709,118. The stock has a 50-day moving average price of $83.83 and a two-hundred day moving average price of $76.13. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 2.31 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.75 and a current ratio of 1.50. Fortive has a 1 year low of $62.77 and a 1 year high of $87.10.

Fortive (NYSE:FTV) last posted its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. Equities analysts anticipate that Fortive will post 3.8 earnings per share for the current 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 issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Fortive’s payout ratio is 12.65%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the sale, the chief accounting officer now owns 20,564 shares in the company, valued at approximately $1,689,743.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction on Friday, February 16th. The stock was sold at an average price of $85.00, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 63,937 shares of company stock worth $5,475,122 in the last three months. 0.95% of the stock is currently owned by 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.