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 (EPS) guidance of 9.000-9.150 for the period, compared to the consensus 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 also updated its FY24 guidance to $9.00-9.15 EPS.

Dover Trading Up 4.5 %

NYSE DOV traded up $7.63 during trading on Thursday, hitting $179.07. The stock had a trading volume of 2,230,151 shares, compared to its average volume of 966,180. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $24.60 billion, a PE ratio of 23.81, a PEG ratio of 1.79 and a beta of 1.27. The firm has a 50 day moving average price of $171.37 and a 200 day moving average price of $154.02. Dover has a twelve month low of $127.25 and a twelve month high of $181.49.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.01. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Dover had a net margin of 12.52% and a return on equity of 25.95%. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.16 earnings per share. As a group, equities research analysts forecast that Dover will post 9.07 earnings per share for the current year.

Dover Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a dividend of $0.51 per share. The ex-dividend date was Wednesday, February 28th. This represents a $2.04 annualized dividend and a yield of 1.14%. Dover’s payout ratio is 27.13%.

Wall Street Analysts Forecast Growth

Several research firms have commented on DOV. Royal Bank of Canada boosted their price target on shares of Dover from $146.00 to $153.00 and gave the stock a sector perform rating in a report on Friday, February 2nd. StockNews.com lowered Dover from a buy rating to a hold rating in a report on Friday, March 22nd. Barclays lifted their price target on Dover from $163.00 to $180.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Oppenheimer increased their price objective on Dover from $177.00 to $187.00 and gave the company an outperform rating in a report on Thursday, April 18th. Finally, Seaport Res Ptn upgraded Dover from a neutral rating to a buy rating in a research note on Monday, February 5th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $175.13.

Insider Buying and Selling at Dover

In related news, Director Stephen M. Todd sold 1,500 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $171.19, for a total value of $256,785.00. Following the transaction, the director now owns 22,955 shares in the company, valued at approximately $3,929,666.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Brad M. Cerepak sold 6,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the transaction, the chief financial officer now directly owns 17,909 shares in the company, valued at $3,164,699.39. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen M. Todd sold 1,500 shares of the firm’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 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. Over the last three months, insiders have sold 25,910 shares of company stock worth $4,318,059. 1.30% of the stock is owned by company 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.