Fortive (NYSE:FTV) Issues FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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 Down 0.2 %

NYSE FTV traded down $0.18 on Friday, reaching $76.03. The company had a trading volume of 734,727 shares, compared to its average volume of 1,675,138. The firm has a market capitalization of $26.76 billion, a price-to-earnings ratio of 30.12, a price-to-earnings-growth ratio of 2.32 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. The company’s fifty day moving average is $84.00 and its 200-day moving average is $76.13.

Fortive (NYSE:FTV) last announced 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 14.68% and a return on equity of 12.22%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. On average, research analysts forecast that Fortive will post 3.79 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The firm 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 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 12.65%.

Wall Street Analyst Weigh In

FTV has been the subject of a number of recent research reports. Vertical Research downgraded shares of Fortive from a buy rating to a hold rating in a research note on Tuesday, January 2nd. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. Truist Financial initiated coverage on shares of Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 price objective for the company. Barclays increased their price objective on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Finally, Mizuho raised their target price on shares of Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research note on Thursday, February 1st. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $86.46.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the sale, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total transaction of $787,669.00. Following the sale, the senior vice president now directly owns 36,558 shares in the company, valued at approximately $3,162,267. The disclosure for this sale can be found here. Insiders have sold a total of 63,937 shares of company stock valued at $5,475,122 in the last three months. 0.95% 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.