Fortive (NYSE:FTV) Releases Q2 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.900-0.930 for the period, compared to the consensus EPS estimate of 0.940. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Wall Street Analysts Forecast Growth

FTV has been the topic of a number of research analyst reports. Mizuho raised their target price on shares of Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research report on Thursday, February 1st. Citigroup raised their target price on Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research report on Monday, April 8th. Truist Financial initiated coverage on Fortive in a research report on Thursday, March 14th. They set a buy rating and a $99.00 price objective for the company. Vertical Research cut Fortive from a buy rating to a hold rating in a report on Tuesday, January 2nd. Finally, Wells Fargo & Company boosted their price target on shares of Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $86.54.

Fortive Stock Down 5.8 %

Shares of FTV traded down $4.65 on Wednesday, reaching $76.05. The stock had a trading volume of 6,373,760 shares, compared to its average volume of 1,678,696. The firm has a market capitalization of $26.72 billion, a price-to-earnings ratio of 31.28, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13. The company has a 50-day simple moving average of $84.32 and a 200-day simple moving average of $76.13. Fortive has a 12-month low of $62.70 and a 12-month high of $87.10. 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 released its earnings results on Wednesday, January 31st. The technology company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.56 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 EPS. Sell-side analysts predict that Fortive will post 3.78 EPS for the current year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 payout ratio is 13.11%.

Insider Activity

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 55,017 shares in the company, valued at approximately $4,676,445. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s 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 completion of the transaction, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock worth $5,475,122 over the last three months. 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.