Fortive (NYSE:FTV) Releases 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.

Fortive Price Performance

NYSE FTV opened at $75.97 on Friday. Fortive has a one year low of $62.77 and a one year high of $87.10. The stock has a 50-day moving average of $83.83 and a 200 day moving average of $76.13. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.75 and a current ratio of 1.50. The company has a market capitalization of $26.74 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.31 and a beta of 1.13.

Fortive (NYSE:FTV) last issued 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 return on equity of 12.22% and a net margin of 14.68%. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. On average, sell-side analysts forecast that Fortive will post 3.8 EPS for the current year.

Fortive Dividend Announcement

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

Analysts Set New Price Targets

FTV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and decreased their target price for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Barclays upped their price target on shares of Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Vertical Research lowered shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reduced 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. Finally, StockNews.com raised shares of Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $86.46.

Insider Activity at Fortive

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 filing with the SEC, which is available at this hyperlink. In other news, CEO Tamara S. Newcombe sold 5,000 shares of the stock in a transaction that occurred 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 directly owns 55,017 shares in the company, valued at approximately $4,676,445. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 value of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. 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. 0.95% of the stock is 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.