Dover (NYSE:DOV) Updates FY24 Earnings Guidance

Dover (NYSE:DOV) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $8.08-8.18 for the period, compared to the consensus estimate of $8.20. Dover also updated its FY 2024 guidance to 8.080-8.180 EPS.

Analyst Ratings Changes

Several analysts recently commented on DOV shares. Royal Bank of Canada raised their price objective on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Wolfe Research upgraded Dover to a “hold” rating in a report on Friday, September 20th. JPMorgan Chase & Co. increased their target price on Dover from $210.00 to $212.00 and gave the stock an “overweight” rating in a research note on Friday. Wells Fargo & Company lifted their price target on shares of Dover from $190.00 to $197.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price target on shares of Dover in a report on Monday, July 22nd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.00.

Dover Stock Up 1.2 %

DOV traded up $2.20 during trading hours on Friday, hitting $186.98. 1,238,384 shares of the company’s stock were exchanged, compared to its average volume of 980,425. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.55. Dover has a 1-year low of $127.25 and a 1-year high of $195.68. The stock’s 50-day moving average is $186.66 and its two-hundred day moving average is $182.12. The stock has a market cap of $25.70 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 2.20 and a beta of 1.22.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.11. Dover had a return on equity of 24.94% and a net margin of 17.58%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. Sell-side analysts predict that Dover will post 9.18 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.515 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is a boost from Dover’s previous quarterly dividend of $0.51. This represents a $2.06 annualized dividend and a dividend yield of 1.10%. Dover’s dividend payout ratio (DPR) is currently 19.79%.

Insider Buying and Selling

In other news, CFO Brad M. Cerepak sold 14,818 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $175.00, for a total value of $2,593,150.00. Following the sale, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the transaction, the senior vice president now directly owns 47,060 shares of the company’s stock, valued at $8,706,100. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the completion of the transaction, the chief financial officer now directly owns 12,324 shares in the company, valued at $2,156,700. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,383 shares of company stock worth $8,169,883. 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.