Key Points
- CEO Richard Tobin sold 76,997 shares at an average price of $232.70 for a total of $17,917,201.90, reducing his stake by 26.10% to 217,979 shares (valued ~$50.7M), per an SEC Form 4 filing.
- Dover beat expectations for the quarter with $2.51 EPS vs. $2.48 consensus and $2.10B revenue (up 8.8% year-over-year), and analysts project ~9.45 EPS for the fiscal year with a consensus "Moderate Buy" rating.
- The company announced a quarterly dividend of $0.52 (annualized $2.08), with an ex-dividend/record date of February 27 and payment on March 13, implying a ~0.9% yield.
Dover Corporation (NYSE:DOV - Get Free Report) CEO Richard Tobin sold 76,997 shares of the company's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the completion of the transaction, the chief executive officer directly owned 217,979 shares in the company, valued at $50,723,713.30. This trade represents a 26.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Dover Price Performance
DOV opened at $233.12 on Friday. The stock has a fifty day moving average price of $209.02 and a 200 day moving average price of $188.25. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.35. Dover Corporation has a 1 year low of $143.04 and a 1 year high of $237.54. The stock has a market cap of $31.44 billion, a price-to-earnings ratio of 29.36, a PEG ratio of 1.78 and a beta of 1.29.
Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.03. The company had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.09 billion. Dover had a return on equity of 17.87% and a net margin of 13.52%.The business's quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the business earned $2.20 EPS. Analysts forecast that Dover Corporation will post 9.45 EPS for the current fiscal year.
Dover Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 27th. This represents a $2.08 dividend on an annualized basis and a yield of 0.9%. Dover's payout ratio is 26.20%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on DOV shares. Wall Street Zen downgraded shares of Dover from a "buy" rating to a "hold" rating in a report on Saturday, November 8th. Weiss Ratings downgraded shares of Dover from a "buy (b)" rating to a "hold (c+)" rating in a research report on Tuesday. Citigroup reaffirmed a "buy" rating on shares of Dover in a research report on Monday, January 12th. UBS Group set a $256.00 price target on Dover and gave the stock a "buy" rating in a research note on Sunday, January 4th. Finally, JPMorgan Chase & Co. raised their price objective on Dover from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Dover has a consensus rating of "Moderate Buy" and an average price target of $224.00.
View Our Latest Research Report on DOV
Hedge Funds Weigh In On Dover
Institutional investors have recently made changes to their positions in the business. Machina Capital S.A.S. lifted its position in shares of Dover by 38.8% in the 2nd quarter. Machina Capital S.A.S. now owns 8,779 shares of the industrial products company's stock worth $1,609,000 after acquiring an additional 2,452 shares during the period. Generali Asset Management SPA SGR increased its position in shares of Dover by 103.4% during the third quarter. Generali Asset Management SPA SGR now owns 16,020 shares of the industrial products company's stock valued at $2,673,000 after purchasing an additional 8,145 shares during the period. Advisory Resource Group raised its stake in shares of Dover by 7.7% in the second quarter. Advisory Resource Group now owns 28,732 shares of the industrial products company's stock valued at $5,264,000 after purchasing an additional 2,047 shares in the last quarter. SG Americas Securities LLC lifted its position in Dover by 1,644.9% in the third quarter. SG Americas Securities LLC now owns 26,749 shares of the industrial products company's stock worth $4,463,000 after purchasing an additional 25,216 shares during the period. Finally, Cerity Partners LLC boosted its stake in Dover by 34.4% during the third quarter. Cerity Partners LLC now owns 91,061 shares of the industrial products company's stock worth $15,192,000 after buying an additional 23,298 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.
About Dover
(
Get Free Report)
Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.
Dover's activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
