Fortive (NYSE:FTV) Updates Q2 Earnings Guidance

Fortive (NYSE:FTV) updated its second quarter earnings guidance on Wednesday. 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.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Barclays lifted their target price on shares of Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. Mizuho boosted their price objective on shares of 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 reduced their price objective on shares of Fortive from $92.00 to $84.00 and set an equal weight rating for the company in a research note on Thursday. StockNews.com raised shares of Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Finally, JPMorgan Chase & Co. lowered shares of Fortive from an overweight rating to a neutral rating and dropped their target price for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $86.46.

Fortive Stock Down 0.4 %

NYSE FTV traded down $0.27 during trading hours on Friday, reaching $75.94. 494,172 shares of the company’s stock were exchanged, compared to its average volume of 1,672,115. The company’s 50-day moving average is $84.00 and its two-hundred day moving average is $76.13. Fortive has a one year low of $62.77 and a one year high of $87.10. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.75 and a current ratio of 1.50. The company has a market capitalization of $26.73 billion, a price-to-earnings ratio of 30.12, a price-to-earnings-growth ratio of 2.32 and a beta of 1.13.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. On average, analysts forecast that Fortive will post 3.79 EPS for the current fiscal year.

Fortive Announces Dividend

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 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 12.65%.

Insider Transactions at Fortive

In other news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were 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 of the company’s stock, valued at approximately $1,689,743.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now 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 SEC, which is available at this link. Also, CEO Tamara S. Newcombe sold 5,000 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $85.00, for a total value 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 disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock valued at $5,475,122 in the last ninety days. 0.95% of the stock is currently owned by corporate insiders.

About Fortive

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.