Dover (DOV) Reaches New 1-Year High After Dividend Announcement

Shares of Dover Corp (NYSE:DOV) reached a new 52-week high during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $91.26 and last traded at $91.20, with a volume of 1082973 shares traded. The stock had previously closed at $90.07.

The newly announced dividend which will be paid on Friday, March 15th. Investors of record on Thursday, February 28th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 2.11%. Dover’s dividend payout ratio is presently 38.63%.

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A number of research analysts recently issued reports on the company. SunTrust Banks boosted their price target on Dover to $91.00 and gave the company a “hold” rating in a report on Wednesday, January 30th. They noted that the move was a valuation call. Oppenheimer restated a “hold” rating on shares of Dover in a report on Tuesday, January 29th. Zacks Investment Research upgraded Dover from a “sell” rating to a “hold” rating in a report on Friday, January 11th. UBS Group upgraded Dover from a “neutral” rating to a “buy” rating and set a $76.35 price target on the stock in a report on Thursday, January 10th. Finally, Wolfe Research upgraded Dover from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 8th. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $89.18.

The company has a debt-to-equity ratio of 1.06, a current ratio of 1.37 and a quick ratio of 0.96. The firm has a market capitalization of $13.35 billion, a price-to-earnings ratio of 18.35, a P/E/G ratio of 1.31 and a beta of 1.51.

Dover (NYSE:DOV) last posted its earnings results on Tuesday, January 29th. The industrial products company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.14. Dover had a return on equity of 24.90% and a net margin of 7.84%. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the business earned $1.84 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, analysts expect that Dover Corp will post 5.75 earnings per share for the current year.

In related news, VP Anthony K. Kosinski sold 2,184 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $90.07, for a total value of $196,712.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP William Spurgeon sold 13,102 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $87.19, for a total value of $1,142,363.38. Following the completion of the sale, the vice president now owns 6,393 shares in the company, valued at approximately $557,405.67. The disclosure for this sale can be found here. Insiders have sold a total of 34,921 shares of company stock worth $3,062,818 in the last quarter. Company insiders own 2.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of DOV. BlackRock Inc. lifted its position in Dover by 17.4% in the 4th quarter. BlackRock Inc. now owns 11,821,885 shares of the industrial products company’s stock valued at $838,764,000 after acquiring an additional 1,754,640 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Dover by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,827,415 shares of the industrial products company’s stock valued at $781,489,000 after acquiring an additional 288,630 shares in the last quarter. Boston Partners lifted its position in Dover by 4.0% in the 4th quarter. Boston Partners now owns 5,913,428 shares of the industrial products company’s stock valued at $419,558,000 after acquiring an additional 225,478 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Dover by 5.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,380,997 shares of the industrial products company’s stock valued at $210,788,000 after acquiring an additional 129,276 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Dover by 13.2% in the 3rd quarter. Alliancebernstein L.P. now owns 2,036,751 shares of the industrial products company’s stock valued at $180,314,000 after acquiring an additional 238,123 shares in the last quarter. Institutional investors own 91.53% of the company’s stock.

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Dover Company Profile (NYSE:DOV)

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates in three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual clamps, power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.

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