Dover (NYSE:DOV) Issues Quarterly Earnings Results

Dover (NYSE:DOV) released its quarterly earnings data on Thursday. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company 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 company earned $1.94 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. Dover updated its FY 2024 guidance to 9.000-9.150 EPS and its FY24 guidance to $9.00-9.15 EPS.

Dover Price Performance

DOV traded up $2.06 during midday trading on Friday, hitting $181.17. 488,158 shares of the company traded hands, compared to its average volume of 960,314. 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 company has a market capitalization of $24.89 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 1.78 and a beta of 1.27. Dover has a 52-week low of $127.25 and a 52-week high of $181.49. The business has a 50 day simple moving average of $171.37 and a two-hundred day simple moving average of $154.02.

Dover Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on DOV shares. Citigroup upped their price target on shares of Dover from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Seaport Res Ptn upgraded shares of Dover from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Barclays upped their price target on shares of Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada increased 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, Oppenheimer increased their price objective on shares of Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.75.

Insider Buying and Selling at Dover

In other Dover news, Director Stephen M. Todd sold 1,500 shares of the stock in a transaction on 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 of the company’s stock, valued at $3,929,666.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, 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 directly owns 22,955 shares in the company, valued at $3,929,666.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brad M. Cerepak sold 18,410 shares of the firm’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 sale, the chief financial officer now owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The disclosure for this sale can be found here. Insiders have sold a total of 25,910 shares of company stock valued at $4,318,059 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

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.