Dover (NYSE:DOV) Hits New 1-Year High After Strong Earnings

Dover Co. (NYSE:DOV)’s share price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $179.80 and last traded at $179.53, with a volume of 608004 shares. The stock had previously closed at $171.44.

The industrial products company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.07. Dover had a return on equity of 25.95% and a net margin of 12.52%. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the firm earned $1.94 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis.

Dover Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued 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 1.13%. Dover’s dividend payout ratio (DPR) is presently 27.13%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Barclays lifted their price target on Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Friday. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a report on Friday. Oppenheimer increased their price target on Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a report on Friday. Robert W. Baird lifted their price objective on shares of Dover from $185.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company increased their target price on shares of Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.75.

Insider Transactions at Dover

In other news, CFO Brad M. Cerepak sold 6,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total value of $1,060,260.00. Following the transaction, the chief financial officer now directly owns 17,909 shares in the company, valued at $3,164,699.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the sale, the chief financial officer now directly owns 17,909 shares of the company’s stock, valued at approximately $3,164,699.39. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen M. Todd sold 1,500 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 22,955 shares in the company, 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. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Dover

Institutional investors and hedge funds have recently bought and sold shares of the company. AdvisorNet Financial Inc increased its stake in shares of Dover by 783.3% during the fourth quarter. AdvisorNet Financial Inc now owns 212 shares of the industrial products company’s stock valued at $33,000 after buying an additional 188 shares during the period. Exchange Traded Concepts LLC bought a new stake in shares of Dover in the 4th quarter valued at about $33,000. Life Planning Partners Inc purchased a new stake in shares of Dover in the 4th quarter worth approximately $35,000. Orion Capital Management LLC bought a new position in shares of Dover during the third quarter valued at approximately $32,000. Finally, Headinvest LLC purchased a new position in Dover during the third quarter valued at approximately $32,000. 84.46% of the stock is owned by institutional investors.

Dover Stock Up 0.6 %

The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. The company has a market cap of $24.75 billion, a P/E ratio of 23.96, a P/E/G ratio of 1.78 and a beta of 1.27. The business’s 50 day moving average is $171.75 and its 200 day moving average is $154.29.

Dover Company Profile

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.