Fortive (NYSE:FTV) Updates FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.770-3.860 for the period, compared to the consensus 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.

Fortive Price Performance

FTV traded down $0.24 on Friday, reaching $75.97. The stock had a trading volume of 1,918,843 shares, compared to its average volume of 1,709,118. The company has a current ratio of 1.50, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38. Fortive has a fifty-two week low of $62.77 and a fifty-two week high of $87.10. The firm has a 50-day moving average of $83.83 and a 200-day moving average of $76.13. The company has a market capitalization of $26.74 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.31 and a beta of 1.13.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. As a group, sell-side analysts anticipate that Fortive will post 3.8 EPS for the current year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.42%. Fortive’s dividend payout ratio is currently 12.65%.

Wall Street Analysts Forecast Growth

FTV has been the subject of several research analyst reports. Vertical Research lowered shares of Fortive from a buy rating to a hold rating in a report on Tuesday, January 2nd. Mizuho increased 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. Royal Bank of Canada dropped their price objective on shares of Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a report on Thursday. Wells Fargo & Company reduced their target price on shares of Fortive from $92.00 to $84.00 and set an equal weight rating for the company in a report on Thursday. Finally, StockNews.com raised Fortive from a hold rating to a buy rating in a report on Friday, January 26th. Seven equities 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 an average rating of Moderate Buy and an average target price of $86.46.

Insider Buying and Selling at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the transaction, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction dated 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 of the company’s stock, valued at $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 three months. Insiders own 0.95% of the company’s stock.

About Fortive

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.