Fortive (NYSE:FTV) Issues FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 3.770-3.860 for the period, compared to the consensus EPS estimate of 3.800. The company issued revenue guidance of $6.4 billion-$6.4 billion, compared to the consensus revenue estimate of $6.5 billion. Fortive also updated its FY24 guidance to $3.77-3.86 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTV. Wells Fargo & Company increased their price objective on Fortive from $79.00 to $85.00 and gave the company an equal weight rating in a report on Thursday, February 1st. StockNews.com upgraded Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Citigroup boosted 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. Vertical Research cut shares of Fortive from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. lowered shares of Fortive from an overweight rating to a neutral rating and reduced their price target for the company from $95.00 to $90.00 in a research report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $86.54.

Fortive Trading Down 5.8 %

Shares of FTV traded down $4.65 during trading hours on Wednesday, hitting $76.05. The company had a trading volume of 6,373,760 shares, compared to its average volume of 1,678,696. The stock’s 50 day moving average price is $84.32 and its 200 day moving average price is $76.13. The firm has a market cap of $26.72 billion, a P/E ratio of 31.28, a P/E/G ratio of 2.45 and a beta of 1.13. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. Fortive has a 52-week low of $62.70 and a 52-week high of $87.10.

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

Fortive Announces Dividend

The business also recently disclosed 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 of this dividend 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 (DPR) is 13.11%.

Insiders Place Their Bets

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the stock in a transaction on 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 directly owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Stacey A. Walker sold 9,106 shares of Fortive stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the transaction, the senior vice president now owns 36,558 shares in the company, valued at approximately $3,162,267. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,937 shares of company stock valued at $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.