Dover Co. Expected to Post Q1 2024 Earnings of $1.86 Per Share (NYSE:DOV)

Dover Co. (NYSE:DOV) – Stock analysts at Seaport Res Ptn lowered their Q1 2024 earnings per share estimates for Dover in a research note issued to investors on Thursday, April 18th. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will earn $1.86 per share for the quarter, down from their prior forecast of $1.97. Seaport Res Ptn currently has a “Buy” rating on the stock. The consensus estimate for Dover’s current full-year earnings is $9.06 per share. Seaport Res Ptn also issued estimates for Dover’s Q4 2024 earnings at $2.52 EPS, Q1 2025 earnings at $1.90 EPS, Q3 2025 earnings at $3.05 EPS and Q4 2025 earnings at $2.72 EPS.

A number of other equities analysts have also recently weighed in on DOV. Oppenheimer upped their price target on Dover from $177.00 to $187.00 and gave the stock an “outperform” rating in a report on Thursday. Citigroup upped their price target 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 increased their target price on Dover from $175.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. StockNews.com cut Dover from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Finally, Royal Bank of Canada increased their target price on Dover from $146.00 to $153.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $175.13.

Dover Stock Performance

NYSE DOV opened at $169.84 on Friday. The stock has a market capitalization of $23.33 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 1.75 and a beta of 1.27. Dover has a twelve month low of $127.25 and a twelve month high of $178.28. 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 stock has a 50-day moving average of $170.42 and a 200 day moving average of $153.15.

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

Dover Announces Dividend

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

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was 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 is available at this hyperlink. In related news, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was 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 is available at this hyperlink. Also, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the transaction, the chief financial officer now owns 17,909 shares of the company’s stock, valued at $3,164,699.39. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,910 shares of company stock worth $4,318,059. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Direct Indexing L.P. boosted its position 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 worth $382,000 after buying an additional 278 shares during the period. Cornerstone Wealth Management LLC boosted its position 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 worth $4,373,000 after buying an additional 704 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position 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 worth $67,173,000 after buying an additional 3,620 shares during the period. Seneca House Advisors acquired a new stake in shares of Dover in the first quarter valued at $205,000. Finally, Griffin Asset Management Inc. raised its stake in shares of Dover by 3.1% in the first quarter. Griffin Asset Management Inc. now owns 52,750 shares of the industrial products company’s stock valued at $9,347,000 after acquiring an additional 1,606 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other 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.