Fortive (NYSE:FTV) Updates FY24 Earnings Guidance

Fortive (NYSE:FTV) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.80-$3.86 for the period, compared to the consensus earnings per share estimate of $3.81. The company issued revenue guidance of $6.25-$6.30 billion, compared to the consensus revenue estimate of $6.29 billion. Fortive also updated its Q3 guidance to $0.92-$0.95 EPS.

Fortive Stock Up 1.5 %

Shares of FTV opened at $72.80 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95. Fortive has a one year low of $63.05 and a one year high of $87.10. The company has a market cap of $25.63 billion, a P/E ratio of 28.77, a P/E/G ratio of 2.17 and a beta of 1.12. The firm has a 50 day simple moving average of $72.29 and a two-hundred day simple moving average of $77.10.

Fortive (NYSE:FTV) last released its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 earnings per share. Research analysts forecast that Fortive will post 3.82 EPS for the current fiscal year.

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Friday, September 13th. Fortive’s payout ratio is 12.65%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FTV shares. TD Cowen raised Fortive from a hold rating to a buy rating and upped their price objective for the company from $75.00 to $90.00 in a research note on Monday, July 8th. StockNews.com downgraded Fortive from a buy rating to a hold rating in a report on Thursday. Wolfe Research downgraded Fortive from an outperform rating to a peer perform rating in a report on Friday. Royal Bank of Canada reduced their target price on Fortive from $83.00 to $77.00 and set a sector perform rating on the stock in a report on Thursday, July 25th. Finally, Truist Financial dropped their price target on shares of Fortive from $89.00 to $82.00 and set a buy rating on the stock in a research report on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $86.00.

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.