Key Points
- Dover CEO Richard Tobin sold 86,440 shares for about $18.57 million at an average price of $214.86, reducing his direct stake by 28.88% to 212,855 shares.
- Dover reported quarterly EPS of $2.88, beating analysts’ $2.85 estimate, while revenue rose 7.5% year over year to $2.23 billion.
- The company raised its quarterly dividend to $0.525 per share, equivalent to $2.10 annually and a 1.0% yield; analysts’ consensus rating was “Moderate Buy,” with a $238.60 target price.
Dover Corporation (NYSE:DOV - Get Free Report) CEO Richard Tobin sold 86,440 shares of the company's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $214.86, for a total transaction of $18,572,498.40. Following the completion of the sale, the chief executive officer directly owned 212,855 shares of the company's stock, valued at $45,734,025.30. The trade was a 28.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Dover Price Performance
Shares of DOV opened at $213.36 on Wednesday. Dover Corporation has a fifty-two week low of $176.40 and a fifty-two week high of $237.54. The company has a market capitalization of $28.38 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 1.86 and a beta of 1.10. The firm has a 50-day simple moving average of $194.44 and a 200-day simple moving average of $209.68. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.95.
Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.85 by $0.03. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.22 billion. Dover had a return on equity of 18.68% and a net margin of 13.60%. The business's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company posted $2.62 earnings per share. On average, equities research analysts anticipate that Dover Corporation will post 10.72 earnings per share for the current year.
Dover Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were paid a $0.5250 dividend. This is an increase from Dover's previous quarterly dividend of $0.52. The ex-dividend date was Monday, August 31st. This represents a $2.10 annualized dividend and a dividend yield of 1.0%. Dover's dividend payout ratio (DPR) is 24.48%.
Institutional Investors Weigh In On Dover
A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Dover during the 2nd quarter worth approximately $2,347,134,000. Bank of New York Mellon Corp boosted its stake in shares of Dover by 5.2% in the first quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company's stock valued at $631,806,000 after buying an additional 150,319 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Dover in the second quarter valued at approximately $625,375,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Dover by 2.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company's stock valued at $217,433,000 after buying an additional 20,590 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new position in Dover during the second quarter worth $211,269,000. Hedge funds and other institutional investors own 84.46% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on DOV. Wall Street Zen lowered Dover from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Mizuho decreased their price target on Dover from $270.00 to $245.00 and set an "outperform" rating for the company in a report on Thursday, October 15th. Wells Fargo & Company lifted their price objective on shares of Dover from $229.00 to $233.00 and gave the company an "overweight" rating in a research report on Friday, October 23rd. Weiss Ratings cut shares of Dover from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, September 2nd. Finally, BMO Capital Markets upgraded shares of Dover from a "market perform" rating to an "outperform" rating and cut their price objective for the stock from $255.00 to $240.00 in a research report on Friday, July 24th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $238.60.
View Our Latest Stock Analysis on Dover
About Dover
(
Get Free Report)
Dover Corporation (NYSE: DOV) is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.
The company's products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.
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