Dover (NYSE:DOV) Updates FY 2024 Earnings Guidance

Dover (NYSE:DOV) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 9.050-9.200 for the period, compared to the consensus earnings per share estimate of 9.100. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.6 billion. Dover also updated its FY24 guidance to $9.05 to $9.20 EPS.

Dover Stock Performance

NYSE:DOV traded up $9.99 during mid-day trading on Thursday, hitting $186.32. The stock had a trading volume of 2,509,780 shares, compared to its average volume of 1,015,045. Dover has a twelve month low of $127.25 and a twelve month high of $192.31. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.89 and a current ratio of 1.31. The stock has a market cap of $25.61 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.19 and a beta of 1.22. The company’s 50 day simple moving average is $181.46 and its 200 day simple moving average is $172.25.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.07. Dover had a return on equity of 25.04% and a net margin of 17.28%. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the firm posted $1.94 earnings per share. The business’s revenue was up .7% on a year-over-year basis. On average, equities research analysts forecast that Dover will post 9.1 earnings per share for the current year.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.51 per share. The ex-dividend date was Friday, May 31st. This represents a $2.04 dividend on an annualized basis and a yield of 1.09%. Dover’s dividend payout ratio (DPR) is 19.60%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Mizuho raised their target price on shares of Dover from $180.00 to $185.00 and gave the stock a buy rating in a research note on Friday, April 26th. Citigroup boosted their price objective on Dover from $180.00 to $205.00 and gave the stock a buy rating in a report on Monday, April 8th. Robert W. Baird reiterated an outperform rating and set a $208.00 target price on shares of Dover in a research note on Monday. Barclays boosted their price target on Dover from $180.00 to $186.00 and gave the company an equal weight rating in a research note on Friday, April 26th. Finally, Wells Fargo & Company increased their price objective on Dover from $177.00 to $190.00 and gave the stock an equal weight rating in a research report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Dover has a consensus rating of Moderate Buy and an average target price of $185.75.

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.