Valued at a market cap of $26.4 billion, Dover Corporation (DOV) is a global industrial conglomerate offering specialized equipment, components, and digital solutions. Its operations span five segments: Engineered Products; Clean Energy & Fueling; and Climate & Sustainability Technologies.  The Downers Grove, Illinois-based company is expected to announce its fiscal Q3 earnings results on Tuesday, Oct. 22.

Ahead of the upcoming event, analysts forecast the diversified manufacturer to report a profit of $2.42 per share, up nearly 3% from $2.35 per share in the previous year's quarter. The company has surpassed Wall Street's bottom-line estimates in the past four quarters. In the most recent quarter, the company exceeded the consensus estimate by a margin of 6.8%.

For fiscal 2024, analysts expect DOV to report EPS of $9.17, a 4.2% increase from $8.80 in fiscal 2023. Looking ahead to fiscal 2025, EPS is projected to grow by 7.1% year-over-year to $9.82.

DOV stock returned 23.8% on a YTD basis, outpaced the broader S&P 500 Index's ($SPX) 19.7% rise and the Industrial Select Sector SPDR Fund's (XLI) 18.9% gain over the same period.

Dover Corporation's shares surged 5.7% on Jul. 25 after the company reported better-than-expected Q2 adjusted EPS of $2.36 and revenue of $2.2 billion, driven by sustained demand for its engineered products and a rise in sales in that segment. In addition, the company raised its full-year adjusted EPS guidance to $9.05 - $9.20. Furthermore, investor confidence was bolstered by the company's announcement of the $2 billion sale of its environmental solutions unit to Terex Corp (TEX). Plus, on Aug. 19, Dover announced the acquisition of Criteria Labs, enhancing its Microwave Products Group's capabilities in radio frequency devices for high-reliability applications in various industries.

Analysts' consensus rating on Dover stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 13 analysts covering the stock, opinions include eight "Strong Buys" and five "Holds." The average analyst price target for DOV is $202.58, suggesting a potential upside of just 6.4% from current levels. 

More Stock Market News from Barchart

• What You Need To Know Ahead of Packaging Corporation of America's Earnings Release
• 2 High-Yielding Dividend Stocks Set to Benefit from China's Stimulus
• 3 Stocks Set to Benefit from U.S.-China Trade Tensions
• Stocks Finish Lower on Heightened Middle East Risks