Fortive (NYSE:FTV) Updates FY24 Earnings Guidance

Fortive (NYSE:FTV) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.77-3.86 for the period, compared to the consensus earnings per share estimate of $3.79. The company issued revenue guidance of ~$6.35-6.43 billion, compared to the consensus revenue estimate of $6.48 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and decreased their price objective for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Wells Fargo & Company decreased their price objective on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a research note on Thursday. Mizuho increased their price objective on Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research note on Thursday, February 1st. Citigroup decreased their price objective on Fortive from $101.00 to $98.00 and set a buy rating on the stock in a research note on Thursday. Finally, Truist Financial assumed coverage on Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $86.46.

Fortive Stock Performance

Fortive stock opened at $75.97 on Friday. The stock’s 50-day moving average is $83.83 and its 200-day moving average is $76.13. The company has a market cap of $26.74 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.31 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. Fortive has a 12 month low of $62.77 and a 12 month high of $87.10.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. Equities analysts anticipate that Fortive will post 3.8 earnings per share for the current year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 dividend payout ratio (DPR) is 12.65%.

Insider Activity

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the stock in a transaction dated Wednesday, February 28th. The stock was 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 $5,336,849.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Tamara S. Newcombe sold 5,000 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the sale, the chief executive officer now owns 55,017 shares in the company, valued at $4,676,445. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. 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. 0.95% of the stock is currently owned by corporate 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.