Dover (NYSE:DOV) Announces Quarterly Earnings Results

Dover (NYSE:DOV) released its quarterly earnings results on Thursday. The industrial products company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.15, Briefing.com reports. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. Dover had a return on equity of 25.36% and a net margin of 17.58%. Dover’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.05 earnings per share. 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 traded down $1.09 during trading on Friday, reaching $185.23. The stock had a trading volume of 1,412,003 shares, compared to its average volume of 1,039,623. The firm has a market capitalization of $25.46 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 2.26 and a beta of 1.22. 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 has a 1-year low of $127.25 and a 1-year high of $192.31. The stock has a 50 day moving average of $181.49 and a two-hundred day moving average of $172.50.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a $0.51 dividend. The ex-dividend date was Friday, May 31st. This represents a $2.04 dividend on an annualized basis and a yield of 1.10%. Dover’s dividend payout ratio (DPR) is 19.60%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Robert W. Baird restated an “outperform” rating and set a $208.00 price objective on shares of Dover in a report on Monday, July 22nd. Barclays raised their price objective on Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Wells Fargo & Company raised their price objective on Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Citigroup raised 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. Finally, Mizuho lifted their target price on Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $192.63.

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.