Fortive (NYSE:FTV) Releases Q2 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.900-0.930 for the period, compared to the consensus estimate of 0.940. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Fortive Stock Down 0.6 %

Shares of FTV stock traded down $0.44 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 company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05. The company has a market capitalization of $26.62 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 2.47 and a beta of 1.13. The business’s 50 day moving average price is $84.16 and its two-hundred day moving average price is $76.13.

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

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a $0.08 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. Fortive’s dividend payout ratio (DPR) is currently 13.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FTV shares. Vertical Research downgraded Fortive from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Barclays boosted their price target on Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. Royal Bank of Canada reduced their price target on Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research report on Thursday. Truist Financial began coverage on Fortive in a research report on Thursday, March 14th. They issued a buy rating and a $99.00 price target for the company. Finally, Citigroup boosted their price target on Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research report on Monday, April 8th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Fortive currently has a consensus rating of Moderate Buy and a consensus price target of $86.69.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was 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 owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Stacey A. Walker sold 9,106 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total value of $787,669.00. Following the sale, the senior vice president now directly owns 36,558 shares in the company, valued at approximately $3,162,267. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The disclosure for this sale can be found here. Insiders sold a total of 63,937 shares of company stock valued at $5,475,122 in the last quarter. Corporate insiders own 0.95% of the company’s stock.

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.