Dover (NYSE:DOV) Issues Earnings Results

Dover (NYSE:DOV) posted its quarterly earnings results on Thursday. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.07, Briefing.com reports. Dover had a return on equity of 25.95% and a net margin of 12.52%. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the previous year, the business earned $1.94 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Dover updated its FY 2024 guidance to 9.000-9.150 EPS and its FY24 guidance to $9.00-9.15 EPS.

Dover Trading Up 0.6 %

Shares of DOV stock traded up $1.06 during mid-day trading on Friday, hitting $180.17. The company’s stock had a trading volume of 1,104,010 shares, compared to its average volume of 965,152. The company’s fifty day simple moving average is $171.37 and its 200-day simple moving average is $154.02. Dover has a 52 week low of $127.25 and a 52 week high of $181.49. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.90 and a current ratio of 1.40. The company has a market cap of $24.75 billion, a PE ratio of 24.07, a P/E/G ratio of 1.78 and a beta of 1.27.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Wednesday, February 28th. Dover’s payout ratio is 27.13%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DOV shares. Citigroup increased their price target on Dover from $180.00 to $205.00 and gave the company a “buy” rating in a report on Monday, April 8th. Oppenheimer upped their price objective on Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a research note on Friday. StockNews.com cut Dover from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. Barclays increased their price target on Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Wells Fargo & Company raised their target price on Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Dover presently has a consensus rating of “Moderate Buy” and an average price target of $185.75.

Insider Activity at Dover

In related news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 23,909 shares in the company, valued at $3,897,406.09. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the completion of the sale, the chief financial officer now directly owns 23,909 shares in the company, valued at $3,897,406.09. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the sale, the chief financial officer now owns 17,909 shares of the company’s stock, valued at $3,164,699.39. The disclosure for this sale can be found here. Insiders sold 25,910 shares of company stock valued at $4,318,059 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Dover Company Profile

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.