Dover (NYSE:DOV) Hits New 12-Month High at $192.87

Dover Co. (NYSE:DOV)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $192.87 and last traded at $191.92, with a volume of 21744 shares trading hands. The stock had previously closed at $191.03.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Mizuho lifted their price objective on Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Wolfe Research upgraded Dover to a “hold” rating in a research report on Friday. Robert W. Baird reissued an “outperform” rating and set a $208.00 price objective on shares of Dover in a research note on Monday, July 22nd. Finally, Royal Bank of Canada lifted their target price on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $192.63.

Dover Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 1.53. The firm has a market capitalization of $26.45 billion, a PE ratio of 18.35, a P/E/G ratio of 2.17 and a beta of 1.22. The stock’s 50-day simple moving average is $181.95 and its 200-day simple moving average is $179.71.

Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.15. Dover had a net margin of 17.58% and a return on equity of 24.94%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the previous year, the company earned $2.05 earnings per share. Dover’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts expect that Dover Co. will post 9.17 EPS for the current fiscal year.

Dover Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.515 per share. The ex-dividend date was Friday, August 30th. This is a positive change from Dover’s previous quarterly dividend of $0.51. This represents a $2.06 annualized dividend and a dividend yield of 1.07%. Dover’s payout ratio is currently 19.79%.

Insiders Place Their Bets

In other news, SVP Ivonne M. Cabrera sold 1,220 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the sale, the senior vice president now owns 47,060 shares in the company, valued at approximately $8,706,100. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the transaction, the senior vice president now directly owns 47,060 shares in the company, valued at $8,706,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brad M. Cerepak sold 14,818 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $175.00, for a total value of $2,593,150.00. Following the completion of the sale, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,156,700. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,383 shares of company stock worth $8,169,883. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dover

Several large investors have recently modified their holdings of the stock. Cannon Financial Strategists Inc. bought a new stake in shares of Dover during the second quarter valued at approximately $279,000. Sanctuary Advisors LLC purchased a new position in shares of Dover in the second quarter worth $3,175,000. Chase Investment Counsel Corp lifted its holdings in shares of Dover by 23.5% during the second quarter. Chase Investment Counsel Corp now owns 1,575 shares of the industrial products company’s stock valued at $284,000 after purchasing an additional 300 shares in the last quarter. Kimelman & Baird LLC purchased a new stake in shares of Dover during the second quarter valued at $17,323,000. Finally, Ecofi Investissements SA bought a new stake in Dover in the 2nd quarter worth about $8,531,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

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.