Fortive (NYSE:FTV) Releases FY24 Earnings Guidance

Fortive (NYSE:FTV) updated its FY24 earnings guidance on Wednesday. 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.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup decreased their target price on Fortive from $101.00 to $98.00 and set a buy rating for the company in a research note on Thursday. StockNews.com upgraded Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. Mizuho increased their target price on Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research note on Thursday, February 1st. Truist Financial started coverage on Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 target price for the company. Finally, Barclays upped their price target on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Fortive currently has an average rating of Moderate Buy and a consensus target price of $86.46.

Fortive Trading Down 0.3 %

FTV stock opened at $75.97 on Friday. The business has a fifty day moving average price of $83.83 and a 200 day moving average price of $76.13. Fortive has a fifty-two week low of $62.77 and a fifty-two week high of $87.10. The stock has a market capitalization of $26.74 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 2.31 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Analysts expect that Fortive will post 3.8 EPS for the current fiscal year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 yield of 0.42%. Fortive’s dividend payout ratio is 12.65%.

Insider Buying and Selling at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction 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 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 can be accessed through this link. In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction 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 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 can be accessed through this link. Also, SVP Stacey A. Walker sold 9,106 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following the completion of the transaction, the senior vice president now owns 36,558 shares in the company, valued at $3,162,267. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,937 shares of company stock worth $5,475,122. Insiders own 0.95% of the company’s stock.

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.