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

Several equities research analysts have recently weighed in on FTV shares. Citigroup upped their target price on Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research report on Monday, April 8th. StockNews.com raised Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Vertical Research downgraded Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Barclays upped their target price on Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. Finally, Truist Financial started coverage on Fortive in a research report on Thursday, March 14th. They issued a buy rating and a $99.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $86.54.

Fortive Trading Up 0.3 %

NYSE:FTV opened at $80.61 on Wednesday. The business’s 50-day simple moving average is $84.32 and its 200 day simple moving average is $76.13. Fortive has a one year low of $62.70 and a one year high of $87.10. The stock has a market cap of $28.32 billion, a price-to-earnings ratio of 33.04, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. Fortive’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Fortive will post 3.78 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, June 28th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date is Friday, May 31st. Fortive’s payout ratio is currently 13.11%.

Insider Buying and Selling at Fortive

In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $4,676,445. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 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 sale, the chief accounting officer now directly owns 20,564 shares in the company, 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 the SEC website. Also, CEO Tamara S. Newcombe sold 5,000 shares of the stock in a transaction that occurred 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 directly 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 quarter. 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.