Dover (NYSE:DOV) Issues Earnings Results

Dover (NYSE:DOV) posted its earnings results on Thursday. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.15, Briefing.com reports. Dover had a return on equity of 25.04% and a net margin of 17.28%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. Dover updated its FY 2024 guidance to 9.050-9.200 EPS and its FY24 guidance to $9.05 to $9.20 EPS.

Dover Price Performance

Shares of DOV stock traded down $1.06 during trading hours on Friday, reaching $185.26. The company’s stock had a trading volume of 1,412,003 shares, compared to its average volume of 1,017,822. The firm’s 50 day simple moving average is $181.49 and its 200-day simple moving average is $172.50. The company has a market capitalization of $25.46 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 2.14 and a beta of 1.22. Dover has a fifty-two week low of $127.25 and a fifty-two week high of $192.31. The company has a quick ratio of 0.89, a current ratio of 1.31 and a debt-to-equity ratio of 0.58.

Dover Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Friday, May 31st. Dover’s dividend payout ratio is currently 19.60%.

Wall Street Analysts Forecast Growth

DOV has been the topic of several analyst reports. Citigroup upped their target price 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 restated an “outperform” rating and issued a $208.00 price objective on shares of Dover in a research note on Monday. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Barclays upped their price objective 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, 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, April 26th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $192.63.

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.