Fortive (NYSE:FTV) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Fortive (NYSE:FTV) released its earnings results on Wednesday. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07, FiscalAI reports. Fortive had a net margin of 12.38% and a return on equity of 15.33%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the business earned $0.68 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis.

Fortive Price Performance

NYSE FTV traded up $2.08 during mid-day trading on Wednesday, hitting $63.70. The stock had a trading volume of 2,506,859 shares, compared to its average volume of 3,073,518. The company has a quick ratio of 1.00, a current ratio of 1.24 and a debt-to-equity ratio of 0.58. The company has a market cap of $19.24 billion, a price-to-earnings ratio of 37.56, a P/E/G ratio of 2.50 and a beta of 1.07. Fortive has a 52-week low of $49.03 and a 52-week high of $67.03. The company has a 50 day simple moving average of $57.43 and a 200 day simple moving average of $58.50.

Fortive Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, September 4th. This is an increase from Fortive’s previous quarterly dividend of $0.06. Fortive’s dividend payout ratio (DPR) is 16.57%.

Insider Activity

In related news, SVP Peter C. Underwood sold 8,662 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $61.59, for a total value of $533,492.58. Following the sale, the senior vice president directly owned 79,118 shares of the company’s stock, valued at approximately $4,872,877.62. This represents a 9.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Argus reissued a “buy” rating and issued a $68.00 price target on shares of Fortive in a report on Wednesday, August 19th. Evercore began coverage on Fortive in a report on Monday, September 28th. They set a “hold” rating and a $60.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Fortive from $64.00 to $56.00 and set an “underweight” rating for the company in a research report on Friday, October 9th. Royal Bank Of Canada reduced their target price on Fortive from $63.00 to $59.00 and set a “sector perform” rating for the company in a report on Wednesday, October 14th. Finally, Weiss Ratings lowered shares of Fortive from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, August 27th. Two analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortive currently has a consensus rating of “Hold” and a consensus price target of $61.27.

About Fortive

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company that develops and provides products, software and services designed to improve the productivity, safety, reliability and efficiency of businesses and public-sector organizations. Its offerings support customers in industries including manufacturing, healthcare, utilities, transportation, commercial facilities and government.

The company’s portfolio includes electronic test and measurement equipment, calibration and asset-management solutions, workplace and facility-management software, engineering and infrastructure software, product identification and traceability systems, and healthcare technology.