Fortive (NYSE:FTV) Releases FY24 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Fortive Price Performance

Shares of NYSE:FTV opened at $80.61 on Wednesday. The firm has a market cap of $28.32 billion, a PE ratio of 33.04, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13. The firm’s fifty day moving average is $84.32 and its 200-day moving average is $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. Fortive has a 52 week low of $62.70 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.56 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. Fortive’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. Sell-side analysts predict that Fortive will post 3.78 earnings per share for the current year.

Fortive Dividend Announcement

The firm 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. Fortive’s dividend payout ratio (DPR) is presently 13.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a research note on Thursday, February 1st. Barclays lifted their target price on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Citigroup lifted their target price on shares of Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research note on Monday, April 8th. Truist Financial assumed coverage on shares of Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 target price for the company. Finally, StockNews.com raised shares of Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $86.54.

Insider Transactions at Fortive

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the completion of the sale, the chief financial officer now directly 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 this hyperlink. In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the completion of the sale, the chief financial officer now directly 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 this hyperlink. Also, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, 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 over the last three months. 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.