Fortive (NYSE:FTV) Updates FY 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 3.800-3.860 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

A number of brokerages have commented on FTV. StockNews.com lowered shares of Fortive from a buy rating to a hold rating in a research note on Thursday, September 5th. Raymond James raised shares of Fortive from a market perform rating to an outperform rating and set a $85.00 target price for the company in a research report on Thursday, September 5th. TD Cowen raised shares of Fortive from a hold rating to a buy rating and raised their price target for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Morgan Stanley initiated coverage on Fortive in a research note on Friday, September 6th. They set an overweight rating and a $89.00 price target for the company. Finally, Barclays boosted their price objective on Fortive from $91.00 to $94.00 and gave the stock an overweight rating in a report on Friday, September 6th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $86.23.

Fortive Price Performance

Shares of NYSE FTV opened at $72.51 on Thursday. The company has a market capitalization of $25.53 billion, a PE ratio of 28.66, a PEG ratio of 2.06 and a beta of 1.11. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average price is $72.23 and its 200-day moving average price is $76.69. Fortive has a twelve month low of $63.05 and a twelve month high of $87.10.

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

Fortive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 17th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 0.44%. Fortive’s payout ratio is currently 12.65%.

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.