Fortive (NYSE:FTV) Updates FY24 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.80-$3.86 for the period, compared to the consensus earnings per share estimate of $3.81. The company issued revenue guidance of $6.25-$6.30 billion, compared to the consensus revenue estimate of $6.29 billion. Fortive also updated its Q3 guidance to $0.92-$0.95 EPS.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wolfe Research downgraded shares of Fortive from an outperform rating to a peer perform rating in a report on Friday. Raymond James raised shares of Fortive from a market perform rating to an outperform rating and set a $85.00 price objective on the stock in a report on Thursday. Truist Financial dropped their price objective on shares of Fortive from $89.00 to $82.00 and set a buy rating on the stock in a report on Thursday, July 25th. Wells Fargo & Company dropped their price objective on shares of Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a report on Wednesday, July 10th. Finally, Mizuho raised shares of Fortive from a neutral rating to an outperform rating and upped their price objective for the company from $80.00 to $90.00 in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $86.23.

Fortive Trading Down 2.9 %

Shares of FTV stock opened at $70.67 on Friday. Fortive has a 1-year low of $63.05 and a 1-year high of $87.10. The company has a market cap of $24.88 billion, a price-to-earnings ratio of 27.93, a PEG ratio of 2.17 and a beta of 1.12. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95. The stock has a 50 day simple moving average of $72.23 and a 200-day simple moving average of $77.01.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 earnings per share. On average, equities research analysts expect that Fortive will post 3.82 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Friday, September 13th. Fortive’s dividend payout ratio is presently 12.65%.

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.