Dover (NYSE:DOV) Releases FY24 Earnings Guidance

Dover (NYSE:DOV) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $9.00-9.15 for the period, compared to the consensus estimate of $9.06. The company issued revenue guidance of ~$8.61-8.78 billion, compared to the consensus revenue estimate of $8.57 billion. Dover also updated its FY 2024 guidance to 9.000-9.150 EPS.

Analyst Ratings Changes

A number of brokerages have commented on DOV. Seaport Res Ptn raised shares of Dover from a neutral rating to a buy rating in a report on Monday, February 5th. 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 report on Friday. StockNews.com cut shares of Dover from a buy rating to a hold rating in a report on Friday, March 22nd. Mizuho upped their target price on shares of Dover from $180.00 to $185.00 and gave the company a buy rating in a report on Friday. Finally, Citigroup upped their price target on shares of Dover from $180.00 to $205.00 and gave the stock a buy rating in a research report on Monday, April 8th. 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 data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $185.75.

Dover Price Performance

DOV stock traded up $1.06 during trading on Friday, reaching $180.17. The company’s stock had a trading volume of 1,104,009 shares, compared to its average volume of 968,794. Dover has a 1 year low of $127.25 and a 1 year high of $181.49. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $24.75 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27. The company’s fifty day moving average is $171.75 and its 200-day moving average is $154.29.

Dover (NYSE:DOV) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.03 billion. Dover had a return on equity of 25.95% and a net margin of 12.52%. Dover’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.94 EPS. On average, research analysts expect that Dover will post 9.07 earnings per share for the current fiscal year.

Dover Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Wednesday, February 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.13%. Dover’s payout ratio is 27.13%.

Insider Activity

In other news, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 23,909 shares in the company, valued at $3,897,406.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Brad M. Cerepak sold 18,410 shares of Dover stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $163.01, for a total value of $3,001,014.10. Following the completion of the transaction, the chief financial officer now owns 23,909 shares in the company, valued at $3,897,406.09. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brad M. Cerepak sold 6,000 shares of Dover 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 completion of the transaction, the chief financial officer now owns 17,909 shares of the company’s stock, valued at approximately $3,164,699.39. The disclosure for this sale can be found here. Insiders sold a total of 25,910 shares of company stock worth $4,318,059 over the last 90 days. Corporate insiders own 1.30% of the company’s stock.

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.