Dover (NYSE:DOV) Announces Earnings Results, Beats Estimates By $0.07 EPS

Dover (NYSE:DOV) announced its earnings results on Thursday. The industrial products company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.07, Briefing.com reports. Dover had a return on equity of 25.41% and a net margin of 17.28%. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business posted $1.94 EPS. Dover’s revenue for the quarter was up .7% on a year-over-year basis. Dover updated its FY 2024 guidance to 9.000-9.150 EPS and its FY24 guidance to $9.00-9.15 EPS.

Dover Stock Performance

NYSE:DOV traded up $1.06 during mid-day trading on Friday, reaching $180.17. 1,104,050 shares of the stock were exchanged, compared to its average volume of 933,109. The company has a 50 day simple moving average of $171.75 and a 200-day simple moving average of $154.29. The stock has a market capitalization of $24.75 billion, a P/E ratio of 17.31, a P/E/G ratio of 1.85 and a beta of 1.27. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. Dover has a 1 year low of $127.25 and a 1 year high of $181.49.

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Wednesday, February 28th. Dover’s dividend payout ratio (DPR) is presently 19.60%.

Analyst Upgrades and Downgrades

DOV has been the subject of a number of research analyst reports. Royal Bank of Canada raised their target price on Dover from $146.00 to $153.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Mizuho increased their price target on Dover from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Friday. Seaport Res Ptn raised Dover from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. Oppenheimer increased their price target on Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a research report on Friday. Finally, StockNews.com raised Dover from a “hold” rating to a “buy” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $185.75.

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the transaction, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Stephen M. Todd sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $171.19, for a total transaction of $256,785.00. Following the transaction, the director now owns 22,955 shares in the company, valued at approximately $3,929,666.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brad M. Cerepak sold 6,000 shares of Dover stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the transaction, the chief financial officer now owns 17,909 shares in the company, valued at $3,164,699.39. The disclosure for this sale can be found here. Insiders have sold 25,910 shares of company stock worth $4,318,059 in the last quarter. 1.30% of the stock is owned by insiders.

Dover Company Profile

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.