Fortive (NYSE:FTV) Updates FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.800-3.860 for the period, compared to the consensus estimate of 3.820. The company issued revenue guidance of $6.3 billion-$6.3 billion, compared to the consensus revenue estimate of $6.3 billion. Fortive also updated its Q3 2024 guidance to 0.920-0.950 EPS.

Fortive Stock Up 0.4 %

Shares of NYSE:FTV opened at $73.60 on Friday. Fortive has a 52-week low of $63.05 and a 52-week high of $87.10. The stock has a market cap of $25.79 billion, a P/E ratio of 29.09, a PEG ratio of 2.11 and a beta of 1.11. The business has a fifty day moving average of $72.28 and a two-hundred day moving average of $76.58. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32.

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

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Friday, September 13th. Fortive’s payout ratio is presently 12.65%.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTV. Raymond James raised Fortive from a market perform rating to an outperform rating and set a $85.00 target price for the company in a research note on Thursday, September 5th. Royal Bank of Canada restated a sector perform rating and issued a $77.00 price objective on shares of Fortive in a report on Friday, September 6th. Wolfe Research lowered shares of Fortive from an outperform rating to a peer perform rating in a research note on Friday, September 6th. Wells Fargo & Company reduced their price target on shares of Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Finally, Mizuho raised shares of Fortive from a neutral rating to an outperform rating and increased their price objective for the stock from $80.00 to $90.00 in a research report on Friday, September 6th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Fortive presently has a consensus rating of Moderate Buy and a consensus target price of $86.23.

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.