Equities Analysts Issue Forecasts for Dover Co.’s Q2 2024 Earnings (NYSE:DOV)

Dover Co. (NYSE:DOV) – Equities research analysts at Zacks Research lowered their Q2 2024 EPS estimates for shares of Dover in a research report issued to clients and investors on Friday, April 19th. Zacks Research analyst S. Deb now expects that the industrial products company will post earnings of $2.21 per share for the quarter, down from their prior estimate of $2.22. The consensus estimate for Dover’s current full-year earnings is $9.06 per share. Zacks Research also issued estimates for Dover’s Q3 2024 earnings at $2.44 EPS, FY2024 earnings at $9.04 EPS and Q4 2025 earnings at $2.59 EPS.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.01. Dover had a net margin of 12.52% and a return on equity of 25.95%. The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the business earned $2.16 EPS. Dover’s revenue was down 1.5% compared to the same quarter last year.

DOV has been the subject of a number of other reports. Royal Bank of Canada lifted their price objective on shares of Dover from $146.00 to $153.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd. Seaport Res Ptn upgraded shares of Dover from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. Oppenheimer boosted their price target on shares of Dover from $177.00 to $187.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Barclays boosted their price target on shares of Dover from $163.00 to $180.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, StockNews.com lowered shares of Dover from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.13.

Dover Stock Up 0.3 %

Dover stock opened at $170.28 on Monday. Dover has a 1-year low of $127.25 and a 1-year high of $178.28. The firm has a market capitalization of $23.39 billion, a price-to-earnings ratio of 22.64, a P/E/G ratio of 1.76 and a beta of 1.27. 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 50 day simple moving average of $170.59 and a 200 day simple moving average of $153.48.

Institutional Trading of Dover

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its stake in Dover by 0.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 45,629 shares of the industrial products company’s stock worth $8,085,000 after purchasing an additional 348 shares during the last quarter. PFG Investments LLC raised its stake in shares of Dover by 6.0% during the first quarter. PFG Investments LLC now owns 1,877 shares of the industrial products company’s stock valued at $333,000 after acquiring an additional 106 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in shares of Dover by 14.8% during the first quarter. First Trust Direct Indexing L.P. now owns 2,157 shares of the industrial products company’s stock valued at $382,000 after acquiring an additional 278 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in shares of Dover by 2.9% during the first quarter. Cornerstone Wealth Management LLC now owns 24,681 shares of the industrial products company’s stock valued at $4,373,000 after acquiring an additional 704 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Dover by 1.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 379,103 shares of the industrial products company’s stock valued at $67,173,000 after acquiring an additional 3,620 shares during the last quarter. 84.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total value of $3,001,014.10. Following the completion of the transaction, the chief financial officer now directly owns 23,909 shares in the company, valued at $3,897,406.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total value of $3,001,014.10. Following the completion of the sale, the chief financial officer now directly owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen M. Todd sold 1,500 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $171.19, for a total transaction of $256,785.00. Following the completion of the sale, the director now directly owns 22,955 shares of the company’s stock, valued at $3,929,666.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,910 shares of company stock worth $4,318,059. Corporate insiders own 1.30% of the company’s stock.

Dover Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a $0.51 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $2.04 annualized dividend and a yield of 1.20%. Dover’s dividend payout ratio (DPR) is presently 27.13%.

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.