Dover (NYSE:DOV) Releases FY24 Earnings Guidance

by · The Cerbat Gem

Dover (NYSE:DOV – Get Free Report) 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.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Mizuho boosted their price objective on Dover from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price target on shares of Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Robert W. Baird reaffirmed an “outperform” rating and set a $208.00 price objective on shares of Dover in a research note on Monday, July 22nd. Barclays increased their target price on shares of Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $215.00 price target (up previously from $210.00) on shares of Dover in a report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.00.

Get Our Latest Research Report on Dover

Dover Stock Up 1.2 %

Shares of NYSE:DOV opened at $186.98 on Friday. The firm has a fifty day moving average of $186.80 and a 200 day moving average of $182.22. Dover has a 52-week low of $127.25 and a 52-week 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 firm has a market capitalization of $25.70 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22.

Dover (NYSE:DOV – Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.27 EPS for the quarter, beating the consensus estimate 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 return on equity of 24.94% and a net margin of 17.58%. As a group, research analysts anticipate that Dover will post 9.18 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.515 per share. The ex-dividend date was Friday, August 30th. This is an increase 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 19.79%.

Insider Activity

In related 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 value of $225,700.00. Following the transaction, the senior vice president now owns 47,060 shares in the company, valued at $8,706,100. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Richard J. Tobin sold 25,004 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 182,928 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction on Thursday, August 29th. The stock was 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 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. In the last 90 days, insiders sold 45,383 shares of company stock valued at $8,169,883. Corporate insiders own 1.30% of the company’s stock.

About Dover

(Get Free Report)

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.

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