Dover (NYSE:DOV) Releases FY 2024 Earnings Guidance

Dover (NYSE:DOV) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 9.000-9.150 for the period, compared to the consensus estimate of 9.060. The company issued revenue guidance of $8.6 billion-$8.8 billion, compared to the consensus revenue estimate of $8.6 billion. Dover also updated its FY24 guidance to $9.00-9.15 EPS.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of Dover from $180.00 to $205.00 and gave the company a buy rating in a research note on Monday, April 8th. Mizuho boosted their price target on shares of Dover from $180.00 to $185.00 and gave the company a buy rating in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Dover from $177.00 to $190.00 and gave the company an equal weight rating in a research report on Friday. Barclays boosted their price target on shares of Dover from $180.00 to $186.00 and gave the company an equal weight rating in a research report on Friday. Finally, Seaport Res Ptn upgraded shares of Dover from a neutral rating to a buy rating in a research report on Monday, February 5th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $185.75.

Dover Trading Up 0.6 %

Dover stock traded up $1.06 during mid-day trading on Friday, hitting $180.17. The company’s stock had a trading volume of 1,104,050 shares, compared to its average volume of 933,109. Dover has a 12 month low of $127.25 and a 12 month high of $181.49. The stock has a market cap of $24.75 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 1.85 and a beta of 1.27. The business has a 50 day moving average price of $171.75 and a 200-day moving average price of $154.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.40 and a quick ratio of 0.90.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Dover had a net margin of 17.28% and a return on equity of 25.41%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.94 earnings per share. As a group, analysts forecast that Dover will post 9.09 EPS for the current year.

Dover Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a 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%.

Insider Activity

In other news, Director Stephen M. Todd sold 1,500 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $171.19, for a total transaction of $256,785.00. Following the sale, the director now owns 22,955 shares in the company, valued at $3,929,666.45. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Stephen M. Todd sold 1,500 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $171.19, for a total transaction of $256,785.00. Following the sale, the director now owns 22,955 shares in the company, valued at $3,929,666.45. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were 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 disclosure for this sale can be found here. Insiders have sold a total of 25,910 shares of company stock worth $4,318,059 over the last 90 days. 1.30% of the stock is currently 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.