Fortive (NYSE:FTV) Issues Q2 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.90-0.93 for the period, compared to the consensus EPS estimate of $0.94. The company issued revenue guidance of ~$1.6 billion, compared to the consensus revenue estimate of $1.62 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Fortive Price Performance

Shares of FTV opened at $80.61 on Wednesday. The firm has a market cap of $28.32 billion, a PE ratio of 33.04, a PEG ratio of 2.45 and a beta of 1.13. The firm’s 50 day moving average price is $84.32 and its 200 day moving average price is $76.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05. Fortive has a twelve month low of $62.70 and a twelve month high of $87.10.

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

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio is 13.11%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FTV shares. Vertical Research lowered shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Citigroup lifted their price target on shares of Fortive from $90.00 to $101.00 and gave the company a buy rating in a research report on Monday, April 8th. Wells Fargo & Company lifted their price target on shares of Fortive from $79.00 to $85.00 and gave the company an equal weight rating in a research report on Thursday, February 1st. Royal Bank of Canada lifted their price target on shares of Fortive from $75.00 to $80.00 and gave the company a sector perform rating in a research report on Thursday, February 1st. Finally, Barclays raised their price objective on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $86.54.

Insiders Place Their Bets

In other Fortive news, 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 sale, the chief executive officer now owns 55,017 shares in the company, valued at $4,676,445. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Fortive 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 sale, the senior vice president now owns 36,558 shares in the company, valued at $3,162,267. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction on Friday, February 16th. The stock was sold at an average price of $85.00, for a total transaction of $425,000.00. Following the sale, the chief executive officer now owns 55,017 shares in the company, valued at approximately $4,676,445. The disclosure for this sale can be found here. Insiders have sold 63,937 shares of company stock worth $5,475,122 over the last 90 days. 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.