Dover (NYSE:DOV) Sets New 12-Month High After Analyst Upgrade

Dover Co. (NYSE:DOV) shares hit a new 52-week high during mid-day trading on Thursday after Mizuho raised their price target on the stock from $200.00 to $220.00. Mizuho currently has an outperform rating on the stock. Dover traded as high as $195.68 and last traded at $194.46, with a volume of 11914 shares changing hands. The stock had previously closed at $192.79.

Other research analysts have also recently issued reports about the stock. Barclays increased their price target on shares of Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Oppenheimer reissued an “outperform” rating and issued a $215.00 price target (up from $210.00) on shares of Dover in a report on Wednesday. Wolfe Research raised Dover to a “hold” rating in a report on Friday, September 20th. Royal Bank of Canada boosted their target price on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price target on shares of Dover in a report on Monday, July 22nd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.75.

Insider Transactions at Dover

In related news, CFO Brad M. Cerepak sold 14,818 shares of Dover stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Brad M. Cerepak sold 14,818 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the transaction, the chief financial officer now owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total value of $4,549,727.84. Following the completion of the transaction, the chief executive officer now owns 182,928 shares of the company’s stock, valued at $33,285,578.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,383 shares of company stock valued at $8,169,883 over the last three months. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Dover

Hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Dover by 153.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock valued at $466,622,000 after purchasing an additional 1,595,611 shares during the last quarter. American Century Companies Inc. boosted its holdings in Dover by 162.2% in the second quarter. American Century Companies Inc. now owns 688,249 shares of the industrial products company’s stock valued at $124,195,000 after acquiring an additional 425,768 shares during the last quarter. Wellington Management Group LLP lifted its position in Dover by 50.7% during the fourth quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock valued at $189,433,000 after buying an additional 414,481 shares in the last quarter. Interval Partners LP grew its stake in Dover by 110.0% during the second quarter. Interval Partners LP now owns 583,075 shares of the industrial products company’s stock worth $105,216,000 after buying an additional 305,436 shares during the period. Finally, Kimelman & Baird LLC purchased a new position in shares of Dover in the 2nd quarter valued at $17,323,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Price Performance

The firm has a market cap of $26.72 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22. 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 company’s fifty day moving average is $184.85 and its two-hundred day moving average is $181.45.

Dover (NYSE:DOV) last posted its earnings results on Thursday, July 25th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 earnings per share. Equities research analysts forecast that Dover Co. will post 9.18 EPS for the current year.

Dover Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.515 dividend. This represents a $2.06 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is currently 19.79%.

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.