Fortive (NYSE:FTV) Releases 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.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FTV shares. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. JPMorgan Chase & Co. downgraded Fortive from an overweight rating to a neutral rating and reduced their target price for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Barclays raised their price target on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Mizuho increased their target price on Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a report on Thursday, February 1st. Finally, Citigroup lifted their price target on Fortive from $90.00 to $101.00 and gave the company a buy rating in a report on Monday, April 8th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $86.54.

Fortive Price Performance

FTV opened at $81.10 on Wednesday. The company has a fifty day moving average price of $84.32 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 $28.50 billion, a PE ratio of 33.04, a P/E/G ratio of 2.45 and a beta of 1.13. Fortive has a 52 week low of $62.70 and a 52 week 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 firm 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 revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. As a group, analysts anticipate that Fortive will post 3.78 earnings per share for the current year.

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio (DPR) is 13.11%.

Insider Activity at Fortive

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the firm’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 sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Stacey A. Walker sold 9,106 shares of the company’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 completion of the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. Insiders sold a total of 63,937 shares of company stock worth $5,475,122 in the last quarter. Corporate 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.