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 (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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on DOV shares. Barclays raised their price target on shares of Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada boosted their target price on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. boosted their price objective on Dover from $210.00 to $212.00 and gave the company an “overweight” rating in a report on Friday. Oppenheimer restated an “outperform” rating and issued a $215.00 price target (up previously from $210.00) on shares of Dover in a research note on Wednesday, October 16th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price target on shares of Dover in a research note on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Dover presently has an average rating of “Moderate Buy” and a consensus target price of $205.00.

Dover Stock Performance

Dover stock traded up $2.20 during midday trading on Friday, hitting $186.98. 1,238,472 shares of the company’s stock were exchanged, compared to its average volume of 980,425. The firm’s 50 day simple moving average is $186.80 and its 200 day simple moving average is $182.19. Dover has a 12-month low of $127.25 and a 12-month high of $195.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 1.53. The stock has a market cap of $25.70 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22.

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

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $0.515 dividend. 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%. The ex-dividend date of this dividend was Friday, August 30th. Dover’s dividend payout ratio (DPR) is currently 19.79%.

Insider Buying and Selling

In related news, CEO Richard J. Tobin sold 25,004 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total value of $4,549,727.84. Following the completion of the sale, the chief executive officer now owns 182,928 shares in the company, valued at $33,285,578.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Richard J. Tobin sold 25,004 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total value of $4,549,727.84. Following the completion of the transaction, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at $33,285,578.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Ivonne M. Cabrera sold 1,220 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total value of $225,700.00. Following the sale, the senior vice president now owns 47,060 shares in the company, valued at approximately $8,706,100. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,383 shares of company stock valued at $8,169,883 over the last quarter. 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.