Dover (NYSE:DOV) Updates FY24 Earnings Guidance

Dover (NYSE:DOV) issued an update on its FY24 earnings guidance on Thursday morning. 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 Price Performance

NYSE:DOV opened at $171.42 on Thursday. Dover has a 52 week low of $127.25 and a 52 week high of $178.28. 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 $23.55 billion, a P/E ratio of 22.80, a P/E/G ratio of 1.79 and a beta of 1.27. The stock’s fifty day moving average is $171.04 and its two-hundred day moving average is $153.84.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.01. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.16 billion. Dover had a return on equity of 25.95% and a net margin of 12.52%. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.16 EPS. Equities analysts expect that Dover will post 9.07 EPS 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 of this dividend was Wednesday, February 28th. This represents a $2.04 annualized dividend and a yield of 1.19%. Dover’s payout ratio is 27.13%.

Analyst Ratings Changes

Several research firms recently commented on DOV. Citigroup boosted their target price on Dover from $180.00 to $205.00 and gave the stock a buy rating in a research note on Monday, April 8th. StockNews.com cut Dover from a buy rating to a hold rating in a research report on Friday, March 22nd. Robert W. Baird upped their price objective on Dover from $175.00 to $185.00 and gave the stock an outperform rating in a research report on Thursday, March 28th. Barclays upped their price objective on Dover from $163.00 to $180.00 and gave the stock an equal weight rating in a research report on Tuesday, April 2nd. Finally, Oppenheimer upped their price objective on Dover from $177.00 to $187.00 and gave the stock an outperform rating in a research report on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $175.13.

Insider Transactions at Dover

In other news, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now directly owns 23,909 shares of the company’s stock, valued at approximately $3,897,406.09. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Stephen M. Todd sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $171.19, for a total value of $256,785.00. Following the sale, the director now owns 22,955 shares in the company, valued at approximately $3,929,666.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction on 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 disclosure for this sale can be found here. In the last three months, insiders sold 25,910 shares of company stock valued at $4,318,059. Corporate 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.