Dover (NYSE:DOV) Issues Earnings Results

Dover (NYSE:DOV) released its earnings results on Thursday. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.15, Briefing.com reports. Dover had a net margin of 17.58% and a return on equity of 25.36%. The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the firm earned $2.05 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. 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

DOV stock traded down $1.09 on Friday, hitting $185.23. 1,412,003 shares of the company’s stock traded hands, compared to its average volume of 1,039,623. The company has a current ratio of 1.31, a quick ratio of 0.89 and a debt-to-equity ratio of 0.58. The stock has a market cap of $25.46 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 2.25 and a beta of 1.22. Dover has a 1-year low of $127.25 and a 1-year high of $192.31. The stock has a fifty day moving average of $181.49 and a 200-day moving average of $172.68.

Dover Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.51 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $2.04 annualized dividend and a dividend yield of 1.10%. Dover’s dividend payout ratio is currently 19.60%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of Dover from $180.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Robert W. Baird restated an “outperform” rating and set a $208.00 price objective on shares of Dover in a research note on Monday, July 22nd. StockNews.com upgraded shares of Dover from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Royal Bank of Canada lifted their price objective on shares of Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research note on Friday. Finally, Oppenheimer increased their target price on shares of Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.