Dover (NYSE:DOV) Updates FY 2024 Earnings Guidance

Dover (NYSE:DOV) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 9.000-9.150 for the period, compared to the consensus earnings per share 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.

Dover Stock Performance

DOV traded up $1.06 on Friday, reaching $180.17. The 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 company has a current ratio of 1.40, a quick ratio of 0.90 and a debt-to-equity ratio of 0.59. The business’s 50-day moving average price is $171.75 and its two-hundred day moving average price is $154.29. The company has a market cap of $24.75 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 1.85 and a beta of 1.27.

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

Dover Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.13%. Dover’s dividend payout ratio is currently 19.60%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DOV. Seaport Res Ptn raised shares of Dover from a neutral rating to a buy rating in a research note on Monday, February 5th. StockNews.com raised shares of Dover from a hold rating to a buy rating in a research note on Friday. Barclays boosted their target price on shares of Dover from $180.00 to $186.00 and gave the stock an equal weight rating in a research note on Friday. Robert W. Baird boosted their target price on shares of Dover from $185.00 to $208.00 and gave the stock an outperform rating in a research note on Friday. Finally, Oppenheimer boosted their target price on shares of Dover from $187.00 to $197.00 and gave the stock an outperform rating in a research note on Friday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $185.75.

Insider Buying and Selling at Dover

In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total value of $1,060,260.00. Following the transaction, the chief financial officer now directly owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 shares were sold at an average price of $163.01, for a total value of $3,001,014.10. Following the transaction, the chief financial officer now directly 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 accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the completion of the transaction, the chief financial officer now 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 25,910 shares of company stock worth $4,318,059 in the last ninety days. 1.30% of the stock is 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.