Fortive (NYSE:FTV) Releases FY24 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.77-3.86 for the period, compared to the consensus 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.

Fortive Price Performance

Shares of NYSE FTV traded down $4.10 during mid-day trading on Wednesday, reaching $76.60. The company had a trading volume of 5,167,912 shares, compared to its average volume of 1,659,400. The company has a current ratio of 2.05, a quick ratio of 1.75 and a debt-to-equity ratio of 0.35. The stock has a market cap of $26.92 billion, a PE ratio of 31.28, a P/E/G ratio of 2.45 and a beta of 1.13. The company has a 50-day moving average price of $84.32 and a two-hundred day moving average price of $76.13. Fortive has a 1-year low of $62.70 and a 1-year high of $87.10.

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

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s payout ratio is 13.11%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FTV. Mizuho lifted their price target on Fortive from $70.00 to $80.00 and gave the company a neutral rating in a report on Thursday, February 1st. Wells Fargo & Company lifted their price target on Fortive from $79.00 to $85.00 and gave the company an equal weight rating in a report on Thursday, February 1st. Citigroup boosted their target price on Fortive from $90.00 to $101.00 and gave the company a buy rating in a research note on Monday, April 8th. Truist Financial started coverage on Fortive in a research note on Thursday, March 14th. They issued a buy rating and a $99.00 target price on the stock. Finally, JPMorgan Chase & Co. downgraded Fortive from an overweight rating to a neutral rating and lowered their target price for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $86.54.

Insiders Place Their Bets

In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total transaction of $787,669.00. Following the completion of the transaction, the senior vice president now owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s 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 transaction, the chief financial officer now directly 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. Insiders sold 63,937 shares of company stock valued at $5,475,122 over the last quarter. 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.