Fortive (NYSE:FTV – Get Rating) updated its FY23 earnings guidance on Thursday. The company provided EPS guidance of $3.29-3.40 for the period, compared to the consensus EPS estimate of $3.35. The company issued revenue guidance of $6.0-6.1 billion, compared to the consensus revenue estimate of $6.06 billion. Fortive also updated its Q2 guidance to $0.52-0.56 EPS.
Fortive Trading Down 1.9 %
Shares of NYSE:FTV opened at $63.80 on Thursday. The business’s 50-day moving average is $65.39 and its 200 day moving average is $66.16. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.93 and a quick ratio of 0.72. Fortive has a 1 year low of $52.47 and a 1 year high of $69.78. The firm has a market capitalization of $22.56 billion, a P/E ratio of 29.81, a P/E/G ratio of 2.47 and a beta of 1.14.
Fortive (NYSE:FTV – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.02. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.42 billion. Fortive had a net margin of 12.92% and a return on equity of 11.92%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. On average, research analysts predict that Fortive will post 3.35 earnings per share for the current fiscal year.
Fortive Dividend Announcement
Analyst Ratings Changes
FTV has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Fortive from $77.00 to $78.00 in a report on Thursday, April 27th. StockNews.com initiated coverage on shares of Fortive in a research note on Thursday, May 18th. They set a buy rating on the stock. Citigroup boosted their target price on shares of Fortive from $77.00 to $78.00 and gave the company a buy rating in a research note on Thursday, February 2nd. Wells Fargo & Company dropped their price target on shares of Fortive from $70.00 to $68.00 and set an equal weight rating on the stock in a research report on Thursday, April 13th. Finally, Vertical Research upgraded shares of Fortive from a hold rating to a buy rating and set a $74.00 price objective for the company in a research report on Monday, March 27th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $73.00.
Insider Buying and Selling at Fortive
In other news, SVP Stacey A. Walker sold 3,249 shares of Fortive stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $67.75, for a total value of $220,119.75. Following the sale, the senior vice president now directly owns 32,721 shares of the company’s stock, valued at $2,216,847.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.79% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. Fairfield Bush & CO. acquired a new stake in shares of Fortive in the first quarter valued at about $66,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Fortive by 6.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,124,090 shares of the technology company’s stock valued at $129,421,000 after acquiring an additional 127,093 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in Fortive by 123.0% in the 1st quarter. Panagora Asset Management Inc. now owns 19,004 shares of the technology company’s stock valued at $1,158,000 after acquiring an additional 10,481 shares during the last quarter. Cibc World Market Inc. lifted its stake in Fortive by 11.7% in the 1st quarter. Cibc World Market Inc. now owns 21,144 shares of the technology company’s stock worth $1,288,000 after purchasing an additional 2,217 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Fortive by 5.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,693,658 shares of the technology company’s stock worth $103,217,000 after purchasing an additional 84,238 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.
Fortive Company Profile
Fortive Corp. engages in the design, development, manufacturing, and marketing of professional and engineered products, software, and services for a variety of end markets. It operates through the following segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions.
- Get a free copy of the StockNews.com research report on Fortive (FTV)
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