Fortive (NYSE:FTV) Issues FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 3.770-3.860 for the period, compared to the consensus earnings per share estimate of 3.800. The company issued revenue guidance of $6.4 billion-$6.4 billion, compared to the consensus revenue estimate of $6.5 billion. Fortive also updated its FY24 guidance to $3.77-3.86 EPS.

Fortive Stock Down 5.8 %

NYSE:FTV traded down $4.65 during midday trading on Wednesday, hitting $76.05. 6,373,760 shares of the company were exchanged, compared to its average volume of 1,678,696. The company has a current ratio of 2.05, a quick ratio of 1.75 and a debt-to-equity ratio of 0.35. Fortive has a fifty-two week low of $62.70 and a fifty-two week high of $87.10. The company has a fifty day simple moving average of $84.32 and a 200 day simple moving average of $76.13. The company has a market capitalization of $26.72 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. Fortive had a net margin of 14.27% and a return on equity of 12.12%. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the previous year, the company posted $0.88 EPS. Fortive’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts anticipate that Fortive will post 3.78 earnings per share 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 issued a $0.08 dividend. The ex-dividend date 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%.

Analyst Ratings Changes

Several equities research analysts have commented on FTV shares. Citigroup boosted their target price on shares of Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research report on Monday, April 8th. Wells Fargo & Company raised their price target 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 raised Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. Vertical Research lowered shares of Fortive from a buy rating to a hold rating in a report on Tuesday, January 2nd. Finally, 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 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Fortive has an average rating of Moderate Buy and a consensus target price of $86.54.

Insider Buying and Selling

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the 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 transaction, the chief financial officer now owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the transaction, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Tamara S. Newcombe sold 5,000 shares of the business’s 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 owns 55,017 shares of the company’s stock, valued at $4,676,445. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,937 shares of company stock worth $5,475,122. 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.