Fortive (NYSE:FTV) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Fortive (NYSE:FTV) posted its quarterly earnings results on Wednesday. The technology company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04, Briefing.com reports. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. Fortive’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the firm earned $0.85 earnings per share. Fortive updated its Q4 2024 guidance to 1.110-1.140 EPS and its Q4 guidance to $1.11-1.14 EPS.

Fortive Stock Down 1.0 %

NYSE FTV traded down $0.73 on Thursday, reaching $71.36. The company had a trading volume of 1,664,969 shares, compared to its average volume of 1,894,206. The firm has a 50-day moving average of $75.33 and a 200-day moving average of $74.57. Fortive has a 1 year low of $64.44 and a 1 year high of $87.10. 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 firm has a market capitalization of $25.12 billion, a PE ratio of 28.23, a P/E/G ratio of 2.21 and a beta of 1.12.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th were paid a $0.08 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Fortive’s dividend payout ratio (DPR) is currently 12.65%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FTV shares. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Friday, September 13th. TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and increased their price objective for the stock from $75.00 to $90.00 in a research report on Monday, July 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 price target on shares of Fortive in a research note on Friday, September 6th. Wolfe Research cut shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Truist Financial increased their target price on shares of Fortive from $82.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.80.

Insider Activity

In other news, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the sale, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at approximately $5,030,281.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $73.80, for a total value of $1,049,657.40. Following the sale, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at $5,030,281.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the transaction, the chief financial officer now owns 73,391 shares of the company’s stock, valued at $5,433,135.73. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

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.