Dover (NYSE:DOV) Issues Earnings Results

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

Dover Stock Performance

Shares of DOV stock traded up $1.06 on Friday, hitting $180.17. 1,104,009 shares of the stock were exchanged, compared to its average volume of 968,794. The company has a current ratio of 1.40, a quick ratio of 0.90 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $24.75 billion, a PE ratio of 23.96, a P/E/G ratio of 1.78 and a beta of 1.27. Dover has a one year low of $127.25 and a one year high of $181.49. The firm's 50 day moving average is $171.75 and its two-hundred day moving average is $154.29.

Dover Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Royal Bank of Canada boosted their price objective on Dover from $146.00 to $153.00 and gave the company a "sector perform" rating in a report on Friday, February 2nd. Wells Fargo & Company upped their price target on Dover from $177.00 to $190.00 and gave the stock an "equal weight" rating in a report on Friday. Oppenheimer upped their price target on Dover from $187.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday. Seaport Res Ptn upgraded Dover from a "neutral" rating to a "buy" rating in a report on Monday, February 5th. Finally, Robert W. Baird upped their price target on Dover from $185.00 to $208.00 and gave the stock an "outperform" rating in a report on Friday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $185.75.

Insider Transactions at Dover

In other news, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of the firm's stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the transaction, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen M. Todd sold 1,500 shares of the firm's stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $171.19, for a total value of $256,785.00. Following the completion of the transaction, the director now owns 22,955 shares of the company's stock, valued at approximately $3,929,666.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,910 shares of company stock worth $4,318,059. 1.30% of the stock is owned by company insiders.

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.