Fortive (NYSE:FTV) Issues 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.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FTV shares. Barclays raised 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. Citigroup lifted their price objective on shares of Fortive from $90.00 to $101.00 and gave the company a buy rating in a research note on Monday, April 8th. Mizuho raised their price target on shares of Fortive from $70.00 to $80.00 and gave the company a neutral rating in a report on Thursday, February 1st. Wells Fargo & Company boosted their price objective on shares of Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and dropped their target price for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $86.54.

Fortive Price Performance

Fortive stock traded down $4.65 during midday trading on Wednesday, hitting $76.05. The company’s stock had a trading volume of 6,373,760 shares, compared to its average volume of 1,678,696. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock’s 50-day moving average price is $84.32 and its 200-day moving average price is $76.13. Fortive has a 12 month low of $62.70 and a 12 month high of $87.10. The company has a market capitalization of $26.72 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter last year, the business posted $0.88 EPS. Fortive’s revenue was up 3.5% on a year-over-year basis. Analysts anticipate that Fortive will post 3.78 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio (DPR) is currently 13.11%.

Insider Activity

In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the transaction, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of the 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 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 legal filing with the SEC, which can be accessed through this link. Also, CEO Tamara S. Newcombe sold 5,000 shares of the business’s 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 transaction, the chief executive officer now owns 55,017 shares in the company, valued at $4,676,445. The disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock worth $5,475,122 over the last quarter. Corporate 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.