Dover Co. (NYSE:DOV) to Post FY2023 Earnings of $8.78 Per Share, Zacks Research Forecasts

Dover Co. (NYSE:DOV) – Stock analysts at Zacks Research lowered their FY2023 earnings per share (EPS) estimates for shares of Dover in a research note issued to investors on Tuesday, November 7th. Zacks Research analyst S. Deb now expects that the industrial products company will post earnings per share of $8.78 for the year, down from their prior estimate of $8.85. The consensus estimate for Dover’s current full-year earnings is $8.83 per share. Zacks Research also issued estimates for Dover’s Q4 2023 earnings at $2.44 EPS, Q1 2024 earnings at $2.12 EPS, Q3 2024 earnings at $2.51 EPS, Q4 2024 earnings at $2.37 EPS, Q1 2025 earnings at $2.35 EPS, Q2 2025 earnings at $2.42 EPS and Q3 2025 earnings at $2.55 EPS.

A number of other brokerages have also commented on DOV. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Mizuho reduced their price target on Dover from $165.00 to $162.00 and set a “buy” rating on the stock in a research report on Wednesday, October 25th. Royal Bank of Canada reduced their price target on Dover from $149.00 to $145.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 25th. Wells Fargo & Company reduced their price target on Dover from $152.00 to $140.00 in a research report on Monday, October 9th. Finally, JPMorgan Chase & Co. reduced their price target on Dover from $171.00 to $162.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Dover currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.23.

Dover Stock Up 0.5 %

Shares of DOV opened at $130.77 on Thursday. The firm has a market capitalization of $18.29 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 1.29 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.00 and a current ratio of 1.58. The business’s fifty day moving average price is $138.22 and its two-hundred day moving average price is $141.68. Dover has a 52 week low of $127.25 and a 52 week high of $160.66.

Dover (NYSE:DOV) last announced its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.02. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.23 billion. Dover had a return on equity of 26.23% and a net margin of 12.09%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the company earned $2.26 EPS.

Institutional Trading of Dover

A number of hedge funds and other institutional investors have recently modified their holdings of DOV. SeaCrest Wealth Management LLC bought a new position in Dover during the first quarter worth about $206,000. CENTRAL TRUST Co grew its holdings in Dover by 65.8% during the second quarter. CENTRAL TRUST Co now owns 2,038 shares of the industrial products company’s stock worth $301,000 after purchasing an additional 809 shares during the period. Handelsbanken Fonder AB grew its holdings in Dover by 10.4% during the second quarter. Handelsbanken Fonder AB now owns 79,665 shares of the industrial products company’s stock worth $11,763,000 after purchasing an additional 7,478 shares during the period. Wealthfront Advisers LLC grew its holdings in Dover by 4.5% during the first quarter. Wealthfront Advisers LLC now owns 20,490 shares of the industrial products company’s stock worth $3,113,000 after purchasing an additional 881 shares during the period. Finally, Mn Services Vermogensbeheer B.V. grew its holdings in Dover by 3.2% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 70,900 shares of the industrial products company’s stock worth $10,773,000 after purchasing an additional 2,200 shares during the period. Institutional investors and hedge funds own 83.97% of the company’s stock.

Insider Buying and Selling at Dover

In other Dover news, CFO Brad M. Cerepak sold 4,631 shares of Dover stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $142.00, for a total value of $657,602.00. Following the sale, the chief financial officer now owns 49,938 shares of the company’s stock, valued at approximately $7,091,196. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Dover Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.56%. The ex-dividend date is Wednesday, November 29th. Dover’s payout ratio is presently 28.02%.

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 aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.