Dover (NYSE:DOV) Hits New 1-Year High on Better-Than-Expected Earnings

Dover Co. (NYSE:DOV) shares hit a new 52-week high during mid-day 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 changing hands. 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 firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the firm posted $1.94 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders 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 yield of 1.13%. Dover’s dividend payout ratio (DPR) is 27.13%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DOV. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a research note on Friday. Mizuho increased their price objective on shares of Dover from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday. Seaport Res Ptn raised shares of Dover from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. Royal Bank of Canada raised their price objective on Dover from $146.00 to $153.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Finally, Barclays increased their target price on Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Dover currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.75.

Insider Transactions at Dover

In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total value of $3,001,014.10. Following the sale, the chief financial officer now 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 through the SEC website. Also, CFO Brad M. Cerepak sold 6,000 shares of Dover stock in a transaction on 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 sale, the chief financial officer now directly owns 17,909 shares in the company, valued at approximately $3,164,699.39. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,910 shares of company stock worth $4,318,059. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dover

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. boosted its stake in Dover by 7.2% during the fourth quarter. Vontobel Holding Ltd. now owns 25,421 shares of the industrial products company’s stock valued at $3,910,000 after buying an additional 1,718 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Dover by 5.5% during the 4th quarter. Nordea Investment Management AB now owns 557,953 shares of the industrial products company’s stock valued at $85,612,000 after purchasing an additional 29,096 shares in the last quarter. Vest Financial LLC grew its stake in shares of Dover by 35.7% in the 4th quarter. Vest Financial LLC now owns 202,490 shares of the industrial products company’s stock worth $31,145,000 after purchasing an additional 53,273 shares during the last quarter. Chartwell Investment Partners LLC raised its holdings in shares of Dover by 15.6% in the 3rd quarter. Chartwell Investment Partners LLC now owns 6,733 shares of the industrial products company’s stock worth $939,000 after purchasing an additional 907 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Dover by 112.9% during the fourth quarter. SG Americas Securities LLC now owns 11,409 shares of the industrial products company’s stock valued at $1,755,000 after purchasing an additional 6,050 shares during the last quarter. 84.46% of the stock is owned by institutional investors.

Dover Stock Up 0.6 %

The stock has a market capitalization of $24.75 billion, a P/E ratio of 23.96, a PEG ratio of 1.78 and a beta of 1.27. The stock’s fifty day moving average is $171.75 and its two-hundred day moving average is $154.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.40 and a quick ratio of 0.90.

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.