Dover (NYSE:DOV) Issues FY 2024 Earnings Guidance

Dover (NYSE:DOV) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 8.080-8.180 for the period, compared to the consensus EPS estimate of 8.840. The company issued revenue guidance of $8.5 billion-$8.7 billion, compared to the consensus revenue estimate of $8.1 billion. Dover also updated its FY24 guidance to $8.08-8.18 EPS.

Wall Street Analysts Forecast Growth

DOV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Dover from $210.00 to $212.00 and gave the stock an “overweight” rating in a research note on Friday. Oppenheimer reiterated an “outperform” rating and set a $215.00 price target (up from $210.00) on shares of Dover in a report on Wednesday, October 16th. Barclays upped their price target on shares of Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price target on shares of Dover from $190.00 to $197.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Wolfe Research upgraded shares of Dover to a “hold” rating in a report on Friday, September 20th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $205.00.

Dover Trading Up 1.2 %

DOV stock traded up $2.20 during mid-day trading on Friday, reaching $186.98. The company had a trading volume of 1,238,472 shares, compared to its average volume of 980,425. 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 has a market capitalization of $25.70 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22. The firm has a 50 day moving average of $186.80 and a 200 day moving average of $182.19. Dover has a 12 month low of $127.25 and a 12 month high of $195.68.

Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.11. Dover had a net margin of 17.58% and a return on equity of 24.94%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. On average, equities analysts predict that Dover will post 9.18 earnings per share for the current fiscal year.

Dover Increases Dividend

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

Insider Transactions at Dover

In related news, CFO Brad M. Cerepak sold 4,341 shares of the 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 completion of the sale, the chief financial officer now owns 12,324 shares of the company’s stock, valued at $2,274,887.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the transaction, the senior vice president now owns 47,060 shares of the company’s stock, valued at approximately $8,706,100. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brad M. Cerepak sold 4,341 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total transaction of $801,305.19. Following the completion of the transaction, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,383 shares of company stock valued at $8,169,883. Company 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.