Fortive (NYSE:FTV) Releases Q2 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.900-0.930 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FTV. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Vertical Research downgraded shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Citigroup lifted their price target on shares of Fortive from $90.00 to $101.00 and gave the company a buy rating in a report on Monday, April 8th. Wells Fargo & Company reduced their price target on shares of Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a report on Thursday. Finally, Royal Bank of Canada dropped their price objective on shares of Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fortive has a consensus rating of Moderate Buy and a consensus target price of $86.69.

Fortive Stock Down 0.6 %

Shares of NYSE:FTV traded down $0.44 during trading hours on Thursday, hitting $75.61. The company’s stock had a trading volume of 916,844 shares, compared to its average volume of 1,667,180. Fortive has a 52 week low of $62.70 and a 52 week high of $87.10. 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 $26.62 billion, a price-to-earnings ratio of 31.00, a P/E/G ratio of 2.47 and a beta of 1.13. The firm’s fifty day moving average price is $84.16 and its 200 day moving average price is $76.13.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. As a group, research analysts expect that Fortive will post 3.78 EPS for the current year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 (DPR) is presently 13.11%.

Insider Buying and Selling

In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the sale, 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 can be accessed through the SEC website. In other news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s 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 sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stacey A. Walker sold 9,106 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the completion of the sale, the senior vice president now directly owns 36,558 shares in the company, valued at $3,162,267. The disclosure for this sale can be found here. Insiders sold a total of 63,937 shares of company stock worth $5,475,122 in the last 90 days. 0.95% of the stock is owned by corporate 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.