Fortive (NYSE:FTV) Updates Q2 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.90-0.93 for the period, compared to the consensus earnings per share estimate of $0.94. The company issued revenue guidance of ~$1.6 billion, compared to the consensus revenue estimate of $1.62 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Mizuho boosted their price objective on Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a research note on Thursday, February 1st. Wells Fargo & Company boosted their target price on Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. StockNews.com upgraded Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Truist Financial began coverage on Fortive in a research report on Thursday, March 14th. They set a buy rating and a $99.00 target price for the company. Finally, JPMorgan Chase & Co. downgraded Fortive from an overweight rating to a neutral rating and dropped their price objective for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $86.54.

Fortive Trading Down 5.1 %

Shares of Fortive stock traded down $4.10 during trading hours on Wednesday, hitting $76.60. The company’s stock had a trading volume of 5,167,912 shares, compared to its average volume of 1,659,400. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 1.75. The company has a market capitalization of $26.92 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13. The stock has a 50 day moving average of $84.32 and a 200 day moving average of $76.13. Fortive has a 12 month low of $62.70 and a 12 month high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.98 earnings per share for the quarter, topping 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 company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. Fortive’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts predict that Fortive will post 3.78 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s dividend payout ratio is currently 13.11%.

Insider Transactions at Fortive

In other news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Tamara S. Newcombe sold 5,000 shares of Fortive 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 completion of the sale, the chief executive officer now directly owns 55,017 shares of the company’s stock, valued at approximately $4,676,445. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction 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 transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The disclosure for this sale can be found here. In the last three months, insiders sold 63,937 shares of company stock worth $5,475,122. 0.95% of the stock is owned by company insiders.

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.