Fortive (NYSE:FTV) Releases FY22 Earnings Guidance

Fortive (NYSE:FTVGet Rating) issued an update on its FY22 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.04-3.13 for the period, compared to the Thomson Reuters consensus estimate of $3.09. The company issued revenue guidance of $5.77-5.88 billion, compared to the consensus revenue estimate of $5.80 billion.Fortive also updated its Q2 guidance to $0.70-0.73 EPS.

Shares of NYSE:FTV opened at $57.73 on Thursday. The company has a market cap of $20.73 billion, a price-to-earnings ratio of 35.64, a PEG ratio of 1.86 and a beta of 1.14. The firm’s 50-day simple moving average is $60.34 and its 200-day simple moving average is $68.84. The company has a quick ratio of 0.54, a current ratio of 0.68 and a debt-to-equity ratio of 0.19. Fortive has a fifty-two week low of $56.06 and a fifty-two week high of $79.87.

Fortive (NYSE:FTVGet Rating) last issued its earnings results on Thursday, February 3rd. The technology company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Fortive had a net margin of 11.55% and a return on equity of 10.75%. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts forecast that Fortive will post 3.09 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, May 27th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Thursday, May 26th. Fortive’s dividend payout ratio (DPR) is 17.28%.

Fortive announced that its Board of Directors has approved a stock buyback plan on Thursday, February 17th that authorizes the company to repurchase 20,000,000 shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

FTV has been the subject of several recent analyst reports. TheStreet cut shares of Fortive from a b rating to a c+ rating in a research note on Wednesday, February 16th. StockNews.com assumed coverage on shares of Fortive in a research report on Thursday, March 31st. They set a hold rating for the company. Barclays upgraded shares of Fortive from an equal weight rating to an overweight rating and set a $75.00 target price for the company in a research report on Monday, March 14th. Citigroup cut their target price on shares of Fortive from $99.00 to $91.00 in a research report on Friday, February 4th. Finally, JPMorgan Chase & Co. cut their target price on shares of Fortive from $98.00 to $95.00 in a research report on Friday, February 4th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $80.13.

In related news, SVP Stacey A. Walker sold 1,297 shares of the business’s stock in a transaction that occurred on Wednesday, February 23rd. The shares were sold at an average price of $63.87, for a total value of $82,839.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher M. Mulhall sold 2,736 shares of the business’s stock in a transaction that occurred on Wednesday, February 9th. The shares were sold at an average price of $66.38, for a total transaction of $181,615.68. The disclosure for this sale can be found here. In the last three months, insiders sold 6,115 shares of company stock valued at $397,162. Company insiders own 4.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KB Financial Partners LLC purchased a new stake in Fortive during the fourth quarter worth approximately $42,000. NEXT Financial Group Inc grew its stake in Fortive by 99.2% during the fourth quarter. NEXT Financial Group Inc now owns 777 shares of the technology company’s stock worth $59,000 after buying an additional 387 shares during the period. Horizon Investments LLC purchased a new stake in Fortive during the fourth quarter worth approximately $202,000. Cetera Investment Advisers grew its stake in Fortive by 42.0% during the fourth quarter. Cetera Investment Advisers now owns 4,505 shares of the technology company’s stock worth $344,000 after buying an additional 1,333 shares during the period. Finally, Forum Financial Management LP purchased a new stake in Fortive during the fourth quarter worth approximately $346,000. Institutional investors own 97.13% of the company’s stock.

Fortive Company Profile (Get Rating)

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; environment, health, safety, and quality enterprise software products; facility and asset lifecycle software; pre-construction planning and construction procurement solutions; ruggedized professional test tools; electric, pressure, and temperature calibration tools; and portable gas detection tools for a range of vertical end markets including manufacturing, process industries, healthcare, utilities and power, communications and electronics, and others.

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