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.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Mizuho increased their price objective on shares of Dover from $180.00 to $185.00 and gave the company a buy rating in a research report on Friday. Barclays raised their target price on shares of Dover from $180.00 to $186.00 and gave the stock an equal weight 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. 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 research note on Friday. Finally, Royal Bank of Canada raised their price target on shares of Dover from $146.00 to $153.00 and gave the stock a sector perform rating in a research note on Friday, February 2nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Dover currently has an average rating of Moderate Buy and a consensus price target of $185.75.

Dover Stock Up 0.6 %

Shares of Dover stock traded up $1.06 on Friday, reaching $180.17. The stock had a trading volume of 1,104,050 shares, compared to its average volume of 933,109. The company has a 50 day moving average price of $171.75 and a 200 day moving average price of $154.29. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. Dover has a 1 year low of $127.25 and a 1 year high of $181.49. The stock has a market capitalization 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 (NYSE:DOV) last posted its earnings results on Thursday, April 25th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the business posted $1.94 EPS. The business’s revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that Dover will post 9.09 EPS for the current year.

Dover Dividend Announcement

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

Insider Buying and Selling

In other news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the completion of the sale, the chief financial officer now owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the completion of the sale, the chief financial officer now owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen M. Todd sold 1,500 shares of the company’s 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 completion of the sale, the director now directly owns 22,955 shares of the company’s stock, valued at approximately $3,929,666.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,910 shares of company stock valued at $4,318,059. 1.30% of the stock is owned by corporate insiders.

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.