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

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

Fortive Stock Performance

Shares of NYSE FTV traded down $0.73 during trading hours on Thursday, hitting $71.36. 1,664,969 shares of the stock were exchanged, compared to its average volume of 1,894,206. Fortive has a one year low of $64.44 and a one year high of $87.10. The company’s 50 day moving average is $75.33 and its 200 day moving average is $74.57. 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 P/E ratio of 28.23, a P/E/G ratio of 2.21 and a beta of 1.12.

Fortive Announces Dividend

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

Analyst Upgrades and Downgrades

FTV has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and raised their price target for the company from $90.00 to $92.00 in a report on Thursday, October 10th. Truist Financial boosted their price target on shares of Fortive from $82.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays reduced their target price on Fortive from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday. Mizuho raised shares of Fortive from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $90.00 in a research note on Friday, September 6th. Finally, Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a research report on Thursday, September 5th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $88.80.

Insider Buying and Selling

In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was 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 approximately $5,030,281.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the firm’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 owns 68,161 shares in the company, valued at approximately $5,030,281.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Charles E. Mclaughlin sold 6,864 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the transaction, the chief financial officer now directly owns 73,391 shares in the company, valued at $5,433,135.73. This trade represents a 0.00 % decrease in their position. 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.