Dover (NYSE:DOV) Issues Earnings Results

Dover (NYSE:DOV) announced its quarterly earnings results on Thursday. The industrial products company reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07, Briefing.com reports. Dover had a net margin of 12.52% and a return on equity of 25.95%. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the company earned $1.94 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Dover updated its FY 2024 guidance to 9.000-9.150 EPS and its FY24 guidance to $9.00-9.15 EPS.

Dover Trading Up 0.6 %

NYSE DOV traded up $1.06 during mid-day trading on Friday, reaching $180.17. 1,104,009 shares of the stock were exchanged, compared to its average volume of 968,794. Dover has a one year low of $127.25 and a one year high of $181.49. The stock has a 50 day simple moving average of $171.37 and a 200-day simple moving average of $154.02. The stock has a market cap of $24.75 billion, a P/E ratio of 24.07, a P/E/G ratio of 1.78 and a beta of 1.27. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.40 and a quick ratio of 0.90.

Dover Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders 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 was Wednesday, February 28th. Dover’s dividend payout ratio (DPR) is currently 27.13%.

Analyst Ratings Changes

A number of analysts have commented on DOV shares. Oppenheimer lifted their target price on shares of Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a report on Friday. Mizuho boosted their price target on shares of Dover from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday. Barclays boosted their price target on shares of Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Friday. Royal Bank of Canada boosted their price objective 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. Finally, Seaport Res Ptn upgraded shares of Dover from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Dover has a consensus rating of “Moderate Buy” and an average target price of $185.75.

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 18,410 shares of Dover 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 transaction, the chief financial officer now owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Stephen M. Todd sold 1,500 shares of the business’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 transaction, the director now directly owns 22,955 shares in the company, valued at $3,929,666.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brad M. Cerepak sold 18,410 shares of the business’s 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 transaction, the chief financial officer now owns 23,909 shares in the company, valued at $3,897,406.09. The disclosure for this sale can be found here. Insiders sold 25,910 shares of company stock valued at $4,318,059 over the last quarter. 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.