Fortive (NYSE:FTV) Updates Q2 Earnings Guidance

Fortive (NYSE:FTV – Get Rating) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.52-0.56 for the period, compared to the consensus earnings per share estimate of $0.80. The company issued revenue guidance of $1.5 billion, compared to the consensus revenue estimate of $1.51 billion. Fortive also updated its FY23 guidance to $3.29-3.40 EPS.

Fortive Price Performance

Shares of FTV opened at $63.80 on Thursday. Fortive has a fifty-two week low of $52.47 and a fifty-two week high of $69.78. The company has a market capitalization of $22.56 billion, a price-to-earnings ratio of 29.81, a price-to-earnings-growth ratio of 2.47 and a beta of 1.14. The firm has a 50-day simple moving average of $65.39 and a 200-day simple moving average of $66.16. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.72 and a current ratio of 0.93.

Fortive (NYSE:FTV – Get Rating) last announced its earnings results on Wednesday, April 26th. The technology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.02. Fortive had a net margin of 12.92% and a return on equity of 11.92%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Fortive will post 3.35 earnings per share for the current year.

Fortive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, May 26th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, May 25th. This represents a $0.28 annualized dividend and a dividend yield of 0.44%. Fortive’s dividend payout ratio (DPR) is 13.08%.

Analysts Set New Price Targets

FTV has been the subject of several recent research reports. Citigroup increased their target price on shares of Fortive from $77.00 to $78.00 and gave the stock a buy rating in a research note on Thursday, February 2nd. 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. JPMorgan Chase & Co. raised their price objective on shares of Fortive from $77.00 to $78.00 in a research report on Thursday, April 27th. StockNews.com assumed coverage on shares of Fortive in a research report on Thursday, May 18th. They issued a buy rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of Fortive from $70.00 to $68.00 and set an equal weight rating for the company in a research note on Thursday, April 13th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Fortive has an average rating of Moderate Buy and a consensus price target of $73.00.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Stacey A. Walker sold 3,249 shares of Fortive stock in a transaction on Monday, February 27th. The shares were sold at an average price of $67.75, for a total value of $220,119.75. Following the transaction, the senior vice president now owns 32,721 shares in the company, valued at approximately $2,216,847.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.79% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortive

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Fortive by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 37,557,116 shares of the technology company’s stock valued at $2,288,355,000 after acquiring an additional 989,883 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Fortive by 0.9% during the 1st quarter. BlackRock Inc. now owns 30,824,840 shares of the technology company’s stock valued at $2,101,329,000 after acquiring an additional 282,248 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortive by 2.0% during the 1st quarter. Geode Capital Management LLC now owns 7,298,958 shares of the technology company’s stock valued at $496,474,000 after acquiring an additional 142,527 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Fortive by 13.4% during the 1st quarter. Bank of America Corp DE now owns 4,227,830 shares of the technology company’s stock valued at $288,211,000 after acquiring an additional 498,155 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its holdings in shares of Fortive by 61,103.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,600,591 shares of the technology company’s stock valued at $231,338,000 after acquiring an additional 3,594,708 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

About Fortive

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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.