Dover (NYSE:DOV) Updates FY24 Earnings Guidance

Dover (NYSE:DOV) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $9.00-9.15 for the period, compared to the consensus earnings per share 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Oppenheimer raised their price objective on shares of Dover from $187.00 to $197.00 and gave the company an outperform rating in a report on Friday. Mizuho raised their price objective on shares of Dover from $180.00 to $185.00 and gave the company a buy rating in a report on Friday. Robert W. Baird raised their price objective on shares of Dover from $185.00 to $208.00 and gave the company an outperform rating in a report on Friday. Seaport Res Ptn upgraded shares of Dover from a neutral rating to a buy rating in a report on Monday, February 5th. Finally, Wells Fargo & Company raised their price target on shares of Dover from $177.00 to $190.00 and gave the stock an equal weight rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Dover has an average rating of Moderate Buy and a consensus price target of $185.75.

Dover Trading Up 0.6 %

Shares of DOV stock traded up $1.06 during trading hours on Friday, hitting $180.17. 1,104,050 shares of the company were exchanged, compared to its average volume of 933,109. The firm has a market cap of $24.75 billion, a P/E ratio of 17.31, a P/E/G ratio of 1.85 and a beta of 1.27. Dover has a fifty-two week low of $127.25 and a fifty-two week high of $181.49. 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 company has a 50 day simple moving average of $171.75 and a two-hundred day simple moving average of $154.29.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.95 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $2.03 billion. During the same quarter last year, the firm posted $1.94 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Dover will post 9.09 EPS for the current year.

Dover Dividend Announcement

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

Insider Buying and Selling at Dover

In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction on 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 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 available through this hyperlink. In other news, CFO Brad M. Cerepak sold 18,410 shares of Dover stock in a transaction on 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 sale, the chief financial officer now directly owns 23,909 shares in the company, valued at approximately $3,897,406.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brad M. Cerepak sold 6,000 shares of Dover stock in a transaction on 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 sale, 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. In the last three months, insiders have sold 25,910 shares of company stock worth $4,318,059. Corporate insiders own 1.30% of the company’s stock.

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.