Dover (NYSE:DOV) Announces Earnings Results

Dover (NYSE:DOV) released its earnings results on Thursday. The industrial products company reported $2.27 EPS for the quarter, topping the consensus estimate of $2.16 by $0.11, reports. Dover had a net margin of 17.58% and a return on equity of 24.94%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. Dover updated its FY 2024 guidance to 8.080-8.180 EPS and its FY24 guidance to $8.08-8.18 EPS.

Dover Stock Up 1.2 %

DOV stock opened at $186.98 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. The company’s 50 day simple moving average is $186.80 and its 200-day simple moving average is $182.22. Dover has a 12 month low of $127.25 and a 12 month high of $195.68. The firm has a market capitalization of $25.70 billion, a PE ratio of 17.96, a P/E/G ratio of 2.20 and a beta of 1.22.

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.515 per share. The ex-dividend date was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.10%. This is a boost from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is presently 19.79%.

Insider Buying and Selling

In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the sale, the chief executive officer now owns 182,928 shares in the company, valued at approximately $33,285,578.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total transaction of $801,305.19. Following the transaction, the chief financial officer now owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the completion of the sale, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at $33,285,578.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,383 shares of company stock worth $8,169,883 in the last ninety days. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Dover

Hedge funds have recently made changes to their positions in the business. New York State Teachers Retirement System boosted its stake in Dover by 5.4% in the 3rd quarter. New York State Teachers Retirement System now owns 144,752 shares of the industrial products company’s stock worth $27,755,000 after buying an additional 7,478 shares during the last quarter. Valmark Advisers Inc. lifted its holdings in shares of Dover by 5.0% during the 3rd quarter. Valmark Advisers Inc. now owns 4,161 shares of the industrial products company’s stock worth $798,000 after acquiring an additional 199 shares during the period. Strategic Blueprint LLC acquired a new stake in shares of Dover in the third quarter worth approximately $204,000. Pallas Capital Advisors LLC grew its holdings in Dover by 1.6% in the third quarter. Pallas Capital Advisors LLC now owns 50,417 shares of the industrial products company’s stock valued at $9,316,000 after purchasing an additional 787 shares during the period. Finally, Custom Index Systems LLC increased its position in Dover by 91.0% during the third quarter. Custom Index Systems LLC now owns 7,791 shares of the industrial products company’s stock worth $1,494,000 after purchasing an additional 3,713 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Mizuho lifted their price objective on Dover from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Oppenheimer reaffirmed an “outperform” rating and set a $215.00 price objective (up previously from $210.00) on shares of Dover in a report on Wednesday, October 16th. Barclays increased their price objective on Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on shares of Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price target on shares of Dover in a report on Monday, July 22nd. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $205.00.

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.