Dover (NYSE:DOV) Updates FY 2024 Earnings Guidance

Dover (NYSE:DOV) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 9.050-9.200 for the period, compared to the consensus estimate of 9.100. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.6 billion. Dover also updated its FY24 guidance to $9.05 to $9.20 EPS.

Dover Trading Down 0.6 %

DOV traded down $1.09 during midday trading on Friday, hitting $185.23. 1,393,364 shares of the company were exchanged, compared to its average volume of 1,017,692. The firm’s 50 day moving average price is $181.46 and its 200-day moving average price is $172.25. Dover has a 1-year low of $127.25 and a 1-year high of $192.31. The firm has a market capitalization of $25.46 billion, a P/E ratio of 17.97, a P/E/G ratio of 2.14 and a beta of 1.22. The company has a quick ratio of 0.89, a current ratio of 1.31 and a debt-to-equity ratio of 0.58.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. Dover had a return on equity of 25.04% and a net margin of 17.28%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.05 earnings per share. As a group, equities analysts forecast that Dover will post 9.1 EPS for the current fiscal year.

Dover Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Friday, May 31st. Dover’s dividend payout ratio (DPR) is presently 19.60%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. StockNews.com raised Dover from a hold rating to a buy rating in a research report on Friday, April 26th. Robert W. Baird reiterated an outperform rating and issued a $208.00 target price on shares of Dover in a report on Monday. Barclays increased their price target on Dover from $180.00 to $186.00 and gave the stock an equal weight rating in a report on Friday, April 26th. Royal Bank of Canada lifted their price objective on shares of Dover from $192.00 to $193.00 and gave the company a sector perform rating in a research note on Friday. Finally, Oppenheimer increased 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, April 26th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $192.63.

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.