Fortive (NYSE:FTV) Updates Q3 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.920-0.950 for the period, compared to the consensus earnings per share estimate of 0.930. 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 3.800-3.860 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reiterated a sector perform rating and set a $77.00 price objective on shares of Fortive in a research report on Friday, September 6th. Morgan Stanley assumed coverage on Fortive in a research report on Friday, September 6th. They set an overweight rating and a $89.00 price objective for the company. TD Cowen upgraded Fortive from a hold rating to a buy rating and boosted their price objective for the stock from $75.00 to $90.00 in a research report on Monday, July 8th. Mizuho upgraded Fortive from a neutral rating to an outperform rating and upped their target price for the stock from $80.00 to $90.00 in a research report on Friday, September 6th. Finally, Wolfe Research downgraded Fortive from an outperform rating to a peer perform rating in a research report on Friday, September 6th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $86.23.

Fortive Price Performance

Shares of NYSE:FTV opened at $72.51 on Thursday. The company’s fifty day moving average is $72.23 and its two-hundred day moving average is $76.69. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. Fortive has a 12-month low of $63.05 and a 12-month high of $87.10. The company has a market cap of $25.53 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 2.06 and a beta of 1.11.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the previous year, the business earned $0.85 EPS. The company’s revenue was up 1.7% on a year-over-year basis. Equities analysts expect that Fortive will post 3.82 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, September 27th. Shareholders of record on Tuesday, September 17th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Friday, September 13th. Fortive’s dividend payout ratio (DPR) is currently 12.65%.

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.