Fortive (NYSE:FTV) Updates 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.

Analyst Ratings Changes

Several research firms recently issued reports on FTV. Royal Bank of Canada raised their price objective on shares of Fortive from $75.00 to $80.00 and gave the stock a sector perform rating in a research report on Thursday, February 1st. Vertical Research cut shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. StockNews.com raised shares of Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. JPMorgan Chase & Co. lowered 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. Finally, Barclays increased their target price on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Fortive presently has a consensus rating of Moderate Buy and an average price target of $86.54.

Fortive Stock Down 5.8 %

Shares of Fortive stock opened at $76.05 on Thursday. Fortive has a 52-week low of $62.70 and a 52-week high of $87.10. The company has a 50 day moving average of $84.16 and a 200 day moving average of $76.13. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $26.77 billion, a P/E ratio of 31.17, a P/E/G ratio of 2.47 and a beta of 1.13.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. As a group, research analysts forecast that Fortive will post 3.78 EPS for the current fiscal year.

Fortive Dividend Announcement

The company 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 $0.08 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.42%. Fortive’s dividend payout ratio is currently 13.11%.

Insider Buying and Selling at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the business’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 transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this link. 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction dated 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 sale, 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. In the last three months, insiders have sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is owned by company insiders.

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.