Zacks: Analysts Anticipate Fortive Corp (NYSE:FTV) Will Announce Quarterly Sales of $1.50 Billion
Equities research analysts predict that Fortive Corp (NYSE:FTV) will report sales of $1.50 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Fortive’s earnings, with the lowest sales estimate coming in at $1.45 billion and the highest estimate coming in at $1.54 billion. Fortive reported sales of $1.86 billion in the same quarter last year, which would suggest a negative year over year growth rate of 19.4%. The company is expected to issue its next quarterly earnings results on Thursday, July 23rd.
According to Zacks, analysts expect that Fortive will report full year sales of $6.72 billion for the current year, with estimates ranging from $6.53 billion to $6.90 billion. For the next financial year, analysts forecast that the firm will report sales of $7.28 billion, with estimates ranging from $6.94 billion to $7.43 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Fortive.
Fortive (NYSE:FTV) last posted its earnings results on Thursday, April 30th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.76 billion. Fortive had a net margin of 8.28% and a return on equity of 17.55%. Fortive’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 EPS.
Fortive stock traded up $3.15 during midday trading on Wednesday, reaching $70.61. 3,884,613 shares of the stock traded hands, compared to its average volume of 2,112,904. The company has a current ratio of 1.62, a quick ratio of 1.32 and a debt-to-equity ratio of 0.82. The firm has a fifty day moving average price of $59.94 and a two-hundred day moving average price of $67.54. The firm has a market cap of $22.72 billion, a price-to-earnings ratio of 43.86 and a beta of 1.23. Fortive has a fifty-two week low of $37.31 and a fifty-two week high of $83.18.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, May 29th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Thursday, May 28th. Fortive’s dividend payout ratio is presently 8.05%.
In other news, Director Alan G. Spoon purchased 20,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were acquired at an average price of $54.46 per share, for a total transaction of $1,089,200.00. Also, SVP Martin Gafinowitz sold 34,947 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $61.03, for a total transaction of $2,132,815.41. Following the sale, the senior vice president now owns 78,526 shares in the company, valued at approximately $4,792,441.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,081 shares of company stock valued at $5,004,454. Company insiders own 12.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. IBM Retirement Fund raised its holdings in shares of Fortive by 60.9% during the first quarter. IBM Retirement Fund now owns 6,931 shares of the technology company’s stock valued at $383,000 after acquiring an additional 2,623 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in Fortive by 11.2% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 93,004 shares of the technology company’s stock valued at $5,133,000 after buying an additional 9,338 shares during the period. First Trust Advisors LP increased its stake in Fortive by 311.1% in the 1st quarter. First Trust Advisors LP now owns 24,256 shares of the technology company’s stock valued at $1,339,000 after buying an additional 18,356 shares during the period. Victory Capital Management Inc. increased its stake in Fortive by 4.0% in the 4th quarter. Victory Capital Management Inc. now owns 134,685 shares of the technology company’s stock valued at $10,289,000 after buying an additional 5,147 shares during the period. Finally, Macquarie Group Ltd. increased its stake in Fortive by 1.8% in the 4th quarter. Macquarie Group Ltd. now owns 110,385 shares of the technology company’s stock valued at $8,432,000 after buying an additional 1,979 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.
Fortive Company Profile
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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