Dover (NYSE:DOV) Issues 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.

Analysts Set New Price Targets

Several research analysts have issued reports on DOV shares. Seaport Res Ptn raised Dover from a neutral rating to a buy rating in a report on Monday, February 5th. StockNews.com lowered Dover from a buy rating to a hold rating in a research report on Friday, March 22nd. Barclays upped their target price on shares of Dover from $180.00 to $186.00 and gave the company an equal weight rating in a research report on Friday. Royal Bank of Canada lifted their price target on shares of Dover from $146.00 to $153.00 and gave the stock a sector perform rating in a research report on Friday, February 2nd. Finally, Oppenheimer raised their price objective on shares of Dover from $187.00 to $197.00 and gave the company an outperform rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $185.75.

Dover Stock Up 0.6 %

NYSE DOV traded up $1.06 during trading hours on Friday, reaching $180.17. 1,104,010 shares of the company’s stock were exchanged, compared to its average volume of 968,794. The company’s 50-day moving average is $171.37 and its two-hundred day moving average is $154.02. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.90 and a current ratio of 1.40. Dover has a one year low of $127.25 and a one year high of $181.49. The company has a market capitalization of $24.75 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27.

Dover (NYSE:DOV) last announced its earnings results 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 firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 12.52% and a return on equity of 25.95%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.94 EPS. On average, analysts forecast that Dover will post 9.07 EPS for the current fiscal year.

Dover Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Wednesday, February 28th. Dover’s dividend payout ratio (DPR) is currently 27.13%.

Insider Activity

In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the sale, the chief financial officer now directly owns 23,909 shares of the company’s stock, valued at approximately $3,897,406.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the sale, the chief financial officer now owns 23,909 shares in the company, valued at approximately $3,897,406.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen M. Todd sold 1,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 22,955 shares of the company’s stock, valued at $3,929,666.45. The disclosure for this sale can be found here. Insiders have sold 25,910 shares of company stock worth $4,318,059 over the last ninety days. Insiders own 1.30% of the company’s stock.

About Dover

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.