Fortive (NYSE:FTV) Issues Q2 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FTV. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a report on Friday, January 26th. Barclays raised 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. Truist Financial began coverage on Fortive in a research report on Thursday, March 14th. They issued a buy rating and a $99.00 price objective on the stock. Vertical Research lowered Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Finally, Royal Bank of Canada raised their price objective on Fortive from $75.00 to $80.00 and gave the company a sector perform rating in a research report on Thursday, February 1st. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Fortive currently has a consensus rating of Moderate Buy and a consensus target price of $86.54.

Fortive Stock Down 5.1 %

Shares of NYSE FTV traded down $4.10 during midday trading on Wednesday, reaching $76.60. 5,167,912 shares of the company’s stock were exchanged, compared to its average volume of 1,659,400. The stock has a market capitalization of $26.92 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13. Fortive has a 52-week low of $62.70 and a 52-week high of $87.10. The business’s fifty day moving average price is $84.32 and its two-hundred day moving average price is $76.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.56 billion. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. Analysts forecast that Fortive will post 3.78 EPS for the current year.

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a $0.08 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. Fortive’s payout ratio is currently 13.11%.

Insider Buying and Selling at Fortive

In other news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was 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 in the company, valued at $1,689,743.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related 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 completion of the sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at $1,689,743.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total transaction of $787,669.00. Following the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $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 over the last ninety days. Company 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.