Dover (NYSE:DOV) Releases FY 2024 Earnings Guidance

25 Oct 2024, 16:18 by Doug Wharley · The Cerbat Gem

Dover (NYSE:DOV – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 8.080-8.180 for the period, compared to the consensus EPS estimate of 8.840. The company issued revenue guidance of $8.5 billion-$8.7 billion, compared to the consensus revenue estimate of $8.1 billion. Dover also updated its FY24 guidance to $8.08-8.18 EPS.

Dover Trading Up 1.1 %

Shares of NYSE:DOV traded up $1.96 during mid-day trading on Friday, reaching $186.74. 790,982 shares of the company were exchanged, compared to its average volume of 978,264. The firm has a market cap of $25.66 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 2.20 and a beta of 1.22. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. Dover has a 1 year low of $127.25 and a 1 year high of $195.68. The firm’s 50-day simple moving average is $186.66 and its 200 day simple moving average is $182.12.

Dover (NYSE:DOV – Get Free Report) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.11. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. Dover had a net margin of 17.58% and a return on equity of 24.94%. Equities research analysts forecast that Dover will post 9.18 EPS for the current year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.515 dividend. The ex-dividend date was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.10%. This is a positive change from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is currently 19.79%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DOV shares. Oppenheimer restated an “outperform” rating and issued a $215.00 price target (up previously from $210.00) on shares of Dover in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective on Dover from $210.00 to $212.00 and gave the company an “overweight” rating in a report on Friday. Mizuho boosted their target price on shares of Dover from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Royal Bank of Canada raised their price target on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Company increased their target price on Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.00.

View Our Latest Analysis on DOV

Insider Buying and Selling at Dover

In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the business’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 transaction of $4,549,727.84. Following the completion of the transaction, the chief executive officer now owns 182,928 shares in the company, valued at $33,285,578.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Dover news, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction 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 completion of the transaction, the chief executive officer now owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Ivonne M. Cabrera sold 1,220 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 47,060 shares in the company, valued at approximately $8,706,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,383 shares of company stock worth $8,169,883 in the last three months. 1.30% of the stock is currently owned by company insiders.

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