Fortive (NYSE:FTV) Issues Q2 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.900-0.930 for the period, compared to the consensus EPS 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

Shares of FTV stock opened at $75.97 on Friday. The firm’s 50 day moving average is $83.83 and its 200-day moving average is $76.13. The company has a current ratio of 1.50, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38. The firm 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 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company 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%. Sell-side analysts forecast that Fortive will post 3.8 EPS for the current fiscal year.

Fortive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FTV shares. Vertical Research downgraded shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. JPMorgan Chase & Co. downgraded shares of Fortive from an overweight rating to a neutral rating and cut their target price for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Truist Financial started coverage on shares of Fortive in a research report on Thursday, March 14th. They set a buy rating and a $99.00 target price on the stock. Royal Bank of Canada cut their target price on shares of Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a research report on Thursday. Finally, StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $86.46.

Insider Activity

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares in the company, valued at approximately $5,336,849.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares in the company, valued at approximately $5,336,849.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the sale, the chief executive officer now owns 55,017 shares of the company’s stock, valued at approximately $4,676,445. The disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock worth $5,475,122 in the last quarter. 0.95% of the stock is owned by corporate insiders.

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.