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 Trading Down 0.5 %

Shares of DOV opened at $171.42 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.40 and a quick ratio of 0.90. The firm has a 50 day simple moving average of $171.04 and a 200-day simple moving average of $153.84. Dover has a 1-year low of $127.25 and a 1-year high of $178.28. The stock has a market cap of $23.55 billion, a price-to-earnings ratio of 22.80, a price-to-earnings-growth ratio of 1.79 and a beta of 1.27.

Dover (NYSE:DOV) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.44 by $0.01. Dover had a net margin of 12.52% and a return on equity of 25.95%. The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the business earned $2.16 earnings per share. Dover’s revenue was down 1.5% compared to the same quarter last year. Equities analysts forecast that Dover will post 9.07 EPS for the current fiscal year.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a dividend of $0.51 per share. The ex-dividend date was Wednesday, February 28th. This represents a $2.04 dividend on an annualized basis and a yield of 1.19%. Dover’s dividend payout ratio (DPR) is currently 27.13%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on DOV shares. Citigroup lifted their price target on shares of Dover from $180.00 to $205.00 and gave the company a buy rating in a report on Monday, April 8th. Oppenheimer upped their price objective on shares of Dover from $177.00 to $187.00 and gave the company an outperform rating in a research report on Thursday, April 18th. Seaport Res Ptn raised shares of Dover from a neutral rating to a buy rating in a research report on Monday, February 5th. Robert W. Baird upped their price objective on shares of Dover from $175.00 to $185.00 and gave the company an outperform rating in a research report on Thursday, March 28th. Finally, Royal Bank of Canada upped their price objective on shares of Dover from $146.00 to $153.00 and gave the company a sector perform rating in a research report on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $175.13.

Insider Activity

In other news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now 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 the SEC website. In related news, Director Stephen M. Todd sold 1,500 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $171.19, for a total transaction of $256,785.00. Following the sale, the director now owns 22,955 shares in the company, valued at $3,929,666.45. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction dated 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 owns 23,909 shares in the company, valued at approximately $3,897,406.09. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,910 shares of company stock worth $4,318,059. 1.30% of the stock is currently owned by corporate 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.