Fortive (NYSE:FTV) Issues Q2 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several research firms recently commented on FTV. Royal Bank of Canada reduced their target price on Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research report on Thursday. Truist Financial began coverage on Fortive in a research report on Thursday, March 14th. They set a buy rating and a $99.00 price target for the company. Citigroup reduced their target price on Fortive from $101.00 to $98.00 and set a buy rating on the stock in a report on Thursday. Vertical Research cut Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Finally, Barclays upped their price objective on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Fortive currently has an average rating of Moderate Buy and a consensus target price of $86.46.

Fortive Stock Down 0.4 %

FTV stock traded down $0.27 during trading on Friday, hitting $75.94. 494,172 shares of the company’s stock traded hands, compared to its average volume of 1,672,115. The firm has a market capitalization of $26.73 billion, a P/E ratio of 30.12, a PEG 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 1 year low of $62.77 and a 1 year high of $87.10. The business has a fifty day simple moving average of $84.00 and a two-hundred day simple moving average of $76.13.

Fortive (NYSE:FTV) last announced its quarterly earnings data 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 for 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%. Sell-side analysts anticipate that Fortive will post 3.79 EPS for the current year.

Fortive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be given 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 yield of 0.42%. Fortive’s dividend payout ratio is presently 12.65%.

Insiders Place Their Bets

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,937 shares of company stock worth $5,475,122. Company insiders own 0.95% of the company’s stock.

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.