Fortive (NYSE:FTV) Releases FY 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its FY 2024 earnings guidance on Wednesday. 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.

Analyst Ratings Changes

Several brokerages recently weighed in on FTV. Vertical Research downgraded shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. StockNews.com raised shares of Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Barclays lifted their target price on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. Mizuho lifted their target price on shares of Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a research report on Thursday, February 1st. Finally, Royal Bank of Canada cut their target price on shares of Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $86.69.

Fortive Stock Performance

Shares of FTV stock traded down $0.44 during mid-day trading on Thursday, reaching $75.61. 916,844 shares of the company’s stock traded hands, compared to its average volume of 1,667,180. Fortive has a 12 month low of $62.70 and a 12 month high of $87.10. The firm has a 50 day moving average price of $84.16 and a two-hundred day moving average price of $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. The firm has a market capitalization of $26.62 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 2.47 and a beta of 1.13.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Fortive had a net margin of 14.27% and a return on equity of 12.12%. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.53 billion. On average, research analysts forecast that Fortive will post 3.78 EPS for the current year.

Fortive Dividend Announcement

The company also recently announced 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio (DPR) is 13.11%.

Insider Activity at Fortive

In related 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 transaction, the senior vice president now owns 36,558 shares in the company, valued at approximately $3,162,267. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following the sale, the senior vice president now owns 36,558 shares in the company, valued at approximately $3,162,267. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now owns 61,855 shares in the company, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,937 shares of company stock worth $5,475,122. 0.95% of the stock is owned by corporate insiders.

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.