Fortive (NYSE:FTV) Releases Q2 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.90-0.93 for the period, compared to the consensus 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.

Fortive Stock Performance

Shares of Fortive stock opened at $75.97 on Friday. Fortive has a fifty-two week low of $62.77 and a fifty-two week high of $87.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The firm has a market capitalization of $26.74 billion, a P/E ratio of 30.03, a P/E/G ratio of 2.31 and a beta of 1.13. The company’s 50 day moving average price is $83.83 and its two-hundred day moving average price is $76.13.

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

Fortive Dividend Announcement

The company also recently announced 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. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio is presently 12.65%.

Analysts Set New Price Targets

FTV has been the subject of a number of analyst reports. Royal Bank of Canada lowered their target price 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. Citigroup lowered their target price on shares of Fortive from $101.00 to $98.00 and set a buy rating for the company in a research note on Thursday. JPMorgan Chase & Co. downgraded shares of Fortive from an overweight rating to a neutral rating and lowered their target price for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Barclays lifted their price target 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. Finally, Truist Financial assumed coverage on shares of Fortive in a research note on Thursday, March 14th. They issued a buy rating and a $99.00 price target for the company. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Fortive has a consensus rating of Moderate Buy and a consensus target price of $86.46.

Insider Activity

In other news, 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 sale, the chief executive officer now owns 55,017 shares of the company’s stock, valued at $4,676,445. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Tamara S. Newcombe sold 5,000 shares of the company’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 transaction of $425,000.00. Following the sale, the chief executive officer now 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s 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 sale, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. Insiders have sold a total of 63,937 shares of company stock valued at $5,475,122 over the last quarter. Company 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.