Dover (NYSE:DOV – Get Free Report) issued its earnings results on Thursday. The industrial products company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.07, Briefing.com reports. Dover had a return on equity of 25.95% and a net margin of 12.52%. The business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the company posted $1.94 EPS. The business’s quarterly revenue 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 Price Performance
Dover stock traded up $1.06 during trading hours on Friday, hitting $180.17. 1,104,009 shares of the stock were exchanged, compared to its average volume of 968,794. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.90 and a current ratio of 1.40. The stock has a market capitalization of $24.75 billion, a P/E ratio of 24.07, a P/E/G ratio of 1.78 and a beta of 1.27. Dover has a 12 month low of $127.25 and a 12 month high of $181.49. The business’s 50-day moving average is $171.37 and its two-hundred day moving average is $154.02.
Dover Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $0.51 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $2.04 dividend on an annualized basis and a yield of 1.13%. Dover’s payout ratio is currently 27.13%.
Insiders Place Their Bets
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on DOV. Citigroup raised their target price on Dover from $180.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, April 8th. StockNews.com cut shares of Dover from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Robert W. Baird lifted their price target on Dover from $185.00 to $208.00 and gave the company an “outperform” rating in a report on Friday. Wells Fargo & Company boosted their target price on Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Oppenheimer lifted their price target on shares of Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.75.
Read Our Latest Report on Dover
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.
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