Dover (NYSE:DOV) Releases 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.

Dover Stock Up 0.6 %

Dover stock traded up $1.06 during mid-day trading on Friday, hitting $180.17. The company had a trading volume of 1,104,009 shares, compared to its average volume of 968,794. Dover has a 12 month low of $127.25 and a 12 month high of $181.49. The company has a current ratio of 1.40, a quick ratio of 0.90 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average price is $171.75 and its two-hundred day moving average price is $154.29. The company has a market capitalization of $24.75 billion, a PE ratio of 23.96, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.07. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 12.52% and a return on equity of 25.95%. Dover’s revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $1.94 EPS. As a group, sell-side analysts anticipate that Dover will post 9.07 earnings per share for the current fiscal year.

Dover Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Wednesday, February 28th. Dover’s dividend payout ratio is currently 27.13%.

Wall Street Analyst Weigh In

DOV has been the subject of a number of recent analyst reports. Barclays boosted their target price on 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 raised their target price 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. Robert W. Baird boosted their target price on shares of Dover from $185.00 to $208.00 and gave the company an outperform rating in a research note on Friday. Citigroup raised their price target on Dover from $180.00 to $205.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, StockNews.com downgraded Dover from a buy rating to a hold rating in a report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $185.75.

Insider Buying and Selling

In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the sale, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Brad M. Cerepak sold 18,410 shares of Dover stock in a transaction dated Friday, February 23rd. The stock was 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 directly 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 at the SEC website. Also, CFO Brad M. Cerepak sold 6,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the sale, the chief financial officer now owns 17,909 shares in the company, valued at $3,164,699.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,910 shares of company stock valued at $4,318,059. 1.30% of the stock is 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.