Fortive (NYSE:FTV) Issues Q3 Earnings Guidance

Fortive (NYSE:FTV) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.92-$0.95 for the period, compared to the consensus earnings per share estimate of $0.93. The company issued revenue guidance of $1.55-$1.59 billion, compared to the consensus revenue estimate of $1.55 billion. Fortive also updated its FY24 guidance to $3.80-$3.86 EPS.

Fortive Stock Down 1.5 %

FTV opened at $71.70 on Thursday. The stock has a market cap of $25.24 billion, a PE ratio of 28.34, a P/E/G ratio of 2.17 and a beta of 1.12. The business’s fifty day simple moving average is $72.31 and its 200 day simple moving average is $77.13. 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 52 week low of $63.05 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. Fortive’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.85 earnings per share. As a group, research analysts expect that Fortive will post 3.82 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 17th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Friday, September 13th. Fortive’s dividend payout ratio (DPR) is 12.65%.

Analyst Ratings Changes

Several analysts recently commented on the company. Truist Financial cut their price objective on Fortive from $89.00 to $82.00 and set a buy rating for the company in a report on Thursday, July 25th. Royal Bank of Canada lowered their price target on Fortive from $83.00 to $77.00 and set a sector perform rating on the stock in a report on Thursday, July 25th. Barclays cut their price objective on Fortive from $93.00 to $91.00 and set an overweight rating for the company in a research report on Thursday, July 25th. Wells Fargo & Company decreased their price target on shares of Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Finally, StockNews.com raised Fortive from a hold rating to a buy rating in a research note on Saturday, August 3rd. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $84.91.

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.