Fortive (NYSE:FTV) Releases FY24 Earnings Guidance

Fortive (NYSE:FTV) updated its FY24 earnings guidance on Wednesday. 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.

Analyst Ratings Changes

A number of brokerages recently commented on FTV. Truist Financial began coverage on Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 price target for the company. Wells Fargo & Company dropped their price target on Fortive from $92.00 to $84.00 and set an equal weight rating for the company in a research note on Thursday. Mizuho upped their price objective on Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. downgraded Fortive from an overweight rating to a neutral rating and decreased their price objective for the company from $95.00 to $90.00 in a research report on Wednesday, April 17th. Finally, Barclays upped their price objective on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $86.46.

Fortive Trading Down 0.4 %

FTV traded down $0.27 during trading on Friday, hitting $75.94. 494,172 shares of the stock were exchanged, compared to its average volume of 1,672,115. The firm has a 50 day simple moving average of $84.00 and a 200 day simple moving average of $76.13. The firm has a market cap of $26.73 billion, a price-to-earnings ratio of 30.12, a P/E/G ratio of 2.32 and a beta of 1.13. Fortive has a 1 year low of $62.77 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.75 and a current ratio of 1.50.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. As a group, equities analysts expect that Fortive will post 3.79 EPS for the current year.

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a dividend of $0.08 per share. The ex-dividend date is Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.42%. Fortive’s dividend payout ratio (DPR) is presently 12.65%.

Insider Buying and Selling at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction 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 sale, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Tamara S. Newcombe sold 5,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the transaction, the chief executive officer now owns 55,017 shares in the company, valued at approximately $4,676,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is currently owned by corporate insiders.

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.