Fortive (NYSE:FTV) Releases FY 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 3.840-3.870 for the period, compared to the consensus EPS estimate of 3.810. The company issued revenue guidance of $6.2 billion-$6.3 billion, compared to the consensus revenue estimate of $6.3 billion.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada cut their price target on shares of Fortive from $85.00 to $77.00 and set a “sector perform” rating on the stock in a report on Thursday. JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $92.00 in a report on Thursday, October 10th. Barclays decreased their price target on Fortive from $98.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. Wells Fargo & Company cut their price objective on Fortive from $82.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Morgan Stanley began coverage on shares of Fortive in a report on Friday, September 6th. They set an “overweight” rating and a $89.00 price target for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.20.

Fortive Stock Up 0.5 %

NYSE:FTV traded up $0.36 during trading hours on Monday, reaching $71.70. The company had a trading volume of 585,916 shares, compared to its average volume of 1,900,584. Fortive has a twelve month low of $64.69 and a twelve month high of $87.10. The company has a quick ratio of 0.95, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. The firm has a market cap of $24.88 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 1.96 and a beta of 1.13. The business’s 50-day simple moving average is $75.27 and its two-hundred day simple moving average is $74.39.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS. On average, equities analysts expect that Fortive will post 3.85 earnings per share for the current year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Tuesday, September 17th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Friday, September 13th. Fortive’s payout ratio is currently 12.75%.

Insiders Place Their Bets

In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the transaction, the senior vice president now owns 68,161 shares in the company, valued at $5,030,281.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction on Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the sale, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $73.80, for a total value of $1,049,657.40. Following the completion of the transaction, the senior vice president now owns 68,161 shares of the company’s stock, valued at $5,030,281.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.01% 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.