Dover (NYSE:DOV) Updates 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.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Oppenheimer increased their price objective on Dover from $177.00 to $187.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Citigroup raised their price target on Dover from $180.00 to $205.00 and gave the company a buy rating in a research note on Monday, April 8th. Barclays lifted their target price on Dover from $163.00 to $180.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. StockNews.com downgraded Dover from a buy rating to a hold rating in a research note on Friday, March 22nd. Finally, Royal Bank of Canada lifted their price target on Dover from $146.00 to $153.00 and gave the stock a sector perform rating in a report on Friday, February 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $175.13.

Dover Stock Performance

Shares of Dover stock opened at $171.42 on Thursday. The company has a market cap of $23.55 billion, a PE ratio of 22.80, a price-to-earnings-growth ratio of 1.79 and a beta of 1.27. Dover has a 52 week low of $127.25 and a 52 week high of $178.28. The business has a 50 day moving average price of $171.04 and a 200-day moving average price of $153.84. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59.

Dover (NYSE:DOV) last released its earnings results 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 company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.16 billion. Dover had a return on equity of 25.95% and a net margin of 12.52%. Dover’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.16 earnings per share. Equities analysts anticipate that Dover will post 9.07 earnings per share for the current fiscal year.

Dover Dividend Announcement

The company 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 1.19%. The ex-dividend date was Wednesday, February 28th. Dover’s dividend payout ratio (DPR) is 27.13%.

Insider Buying and Selling at Dover

In other news, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief financial officer now directly owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction on 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 owns 23,909 shares in the company, valued at $3,897,406.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,910 shares of company stock valued at $4,318,059. Company 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.