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

Dover (NYSE:DOV) posted its quarterly earnings results on Thursday. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.07, Briefing.com reports. 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 quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.94 earnings per share. Dover updated its FY 2024 guidance to 9.000-9.150 EPS and its FY24 guidance to $9.00-9.15 EPS.

Dover Price Performance

Shares of NYSE:DOV traded up $1.06 during mid-day trading on Friday, reaching $180.17. The stock had a trading volume of 1,104,010 shares, compared to its average volume of 965,152. The company has a current ratio of 1.40, a quick ratio of 0.90 and a debt-to-equity ratio of 0.59. The company has a market cap of $24.75 billion, a P/E ratio of 24.07, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27. Dover has a 1 year low of $127.25 and a 1 year high of $181.49. The business’s 50 day moving average price is $171.37 and its 200 day moving average price is $154.02.

Dover Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Wednesday, February 28th. Dover’s payout ratio is currently 27.13%.

Insider Buying and Selling at Dover

In other Dover news, Director Stephen M. Todd sold 1,500 shares of the stock in a transaction 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 sale, the director now owns 22,955 shares of the company’s stock, valued at approximately $3,929,666.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Stephen M. Todd sold 1,500 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $171.19, for a total value of $256,785.00. Following the completion of the transaction, the director now owns 22,955 shares in the company, valued at approximately $3,929,666.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total value of $1,060,260.00. Following the sale, the chief financial officer now directly 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 a total of 25,910 shares of company stock worth $4,318,059 over the last ninety days. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on DOV. Barclays increased their price target on shares of Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada raised their price objective on shares of Dover from $146.00 to $153.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Seaport Res Ptn upgraded shares of Dover from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. 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 report on Monday, April 8th. Finally, Robert W. Baird lifted their target price on shares of Dover from $185.00 to $208.00 and gave the stock an “outperform” rating in a report 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. According to MarketBeat.com, Dover presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.75.

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.