Dover (NYSE:DOV) Posts Earnings Results, Beats Estimates By $0.11 EPS

Dover (NYSE:DOV) posted its quarterly earnings results on Thursday. The industrial products company reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.16 by $0.11, reports. Dover had a return on equity of 24.94% and a net margin of 17.58%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2 billion. Dover updated its FY 2024 guidance to 8.080-8.180 EPS and its FY24 guidance to $8.08-8.18 EPS.

Dover Stock Up 1.2 %

DOV traded up $2.20 during trading on Friday, hitting $186.98. 1,238,472 shares of the company’s stock were exchanged, compared to its average volume of 980,425. The stock has a market cap of $25.70 billion, a P/E ratio of 17.96, a PEG ratio of 2.20 and a beta of 1.22. The business’s 50 day moving average is $186.80 and its two-hundred day moving average is $182.19. Dover has a fifty-two week low of $127.25 and a fifty-two week high of $195.68. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.55.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.515 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.06 annualized dividend and a yield of 1.10%. This is an increase from Dover’s previous quarterly dividend of $0.51. Dover’s dividend payout ratio (DPR) is presently 19.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on DOV shares. Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price target on shares of Dover in a research report on Monday, July 22nd. Oppenheimer restated an “outperform” rating and set a $215.00 price objective (up previously from $210.00) on shares of Dover in a research report on Wednesday, October 16th. Royal Bank of Canada lifted their target price on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Barclays increased their target price on shares of Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Mizuho boosted their price target on shares of Dover from $200.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Dover has an average rating of “Moderate Buy” and an average target price of $205.00.

Insider Buying and Selling

In other Dover news, CFO Brad M. Cerepak sold 14,818 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the completion of the sale, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Brad M. Cerepak sold 14,818 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $175.00, for a total value of $2,593,150.00. Following the completion of the sale, the chief financial officer now owns 12,324 shares in the company, valued at $2,156,700. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Richard J. Tobin sold 25,004 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the transaction, the chief executive officer now directly owns 182,928 shares in the company, valued at $33,285,578.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,383 shares of company stock worth $8,169,883 in the last quarter. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. LRI Investments LLC bought a new stake in shares of Dover during the 1st quarter worth $27,000. McClarren Financial Advisors Inc. raised its stake in shares of Dover by 4,400.0% during the second quarter. McClarren Financial Advisors Inc. now owns 180 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 176 shares in the last quarter. Fairscale Capital LLC bought a new position in shares of Dover during the 2nd quarter valued at $34,000. Transcendent Capital Group LLC boosted its position in Dover by 208.0% during the first quarter. Transcendent Capital Group LLC now owns 231 shares of the industrial products company’s stock valued at $41,000 after buying an additional 156 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Dover in the 2nd quarter valued at about $41,000. 84.46% of the stock is owned by institutional investors.

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.