Dover (NYSE:DOV) Releases 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 guidance of 9.050-9.200 for the period, compared to the consensus earnings per share estimate of 9.100. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.6 billion. Dover also updated its FY24 guidance to $9.05 to $9.20 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DOV. Citigroup increased their target price on shares of Dover from $180.00 to $205.00 and gave the company a buy rating in a research report on Monday, April 8th. Robert W. Baird reissued an outperform rating and issued a $208.00 target price on shares of Dover in a research report on Monday. Mizuho upped their price target on Dover from $180.00 to $185.00 and gave the company a buy rating in a research report on Friday, April 26th. Wells Fargo & Company lifted their price objective on Dover from $177.00 to $190.00 and gave the stock an equal weight rating in a report on Friday, April 26th. Finally, Oppenheimer upped their price objective on shares of Dover from $187.00 to $197.00 and gave the company an outperform rating in a report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $185.75.

Dover Stock Performance

Shares of NYSE:DOV traded up $9.99 during midday trading on Thursday, reaching $186.32. 2,509,780 shares of the company traded hands, compared to its average volume of 1,015,045. The firm’s fifty day moving average price is $181.46 and its two-hundred day moving average price is $172.25. The firm has a market capitalization of $25.61 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. The company has a quick ratio of 0.89, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. Dover has a 12 month low of $127.25 and a 12 month high of $192.31.

Dover (NYSE:DOV) last posted its earnings results 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. Dover had a return on equity of 25.04% and a net margin of 17.28%. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm earned $1.94 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that Dover will post 9.1 earnings per share for the current year.

Dover Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $2.04 annualized dividend and a yield of 1.09%. Dover’s dividend payout ratio is currently 19.60%.

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.