Dover (NYSE:DOV) Reaches New 52-Week High After Strong Earnings

Dover Co. (NYSE:DOV) hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $179.80 and last traded at $179.53, with a volume of 608004 shares trading hands. The stock had previously closed at $171.44.

The industrial products company reported $1.95 earnings per share 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 for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the company posted $1.94 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a $0.51 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $2.04 annualized dividend and a yield of 1.13%. Dover’s dividend payout ratio is currently 27.13%.

Analysts Set New Price Targets

Several research firms have recently weighed in on DOV. StockNews.com raised Dover from a “hold” rating to a “buy” rating in a research report on Friday. Mizuho increased their target price on shares of Dover from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Friday. Citigroup increased their price objective on shares of Dover from $180.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Barclays raised their price target on Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Royal Bank of Canada boosted their target price on shares of Dover from $146.00 to $153.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.75.

Insiders Place Their Bets

In related news, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the sale, the chief financial officer now owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Stephen M. Todd sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $171.19, for a total value of $256,785.00. Following the sale, the director now directly owns 22,955 shares in the company, valued at approximately $3,929,666.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the completion of the transaction, the chief financial officer now directly owns 23,909 shares of the company’s stock, valued at approximately $3,897,406.09. The disclosure for this sale can be found here. Insiders have sold a total of 25,910 shares of company stock worth $4,318,059 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Dover

Hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Dover during the 4th quarter worth approximately $175,275,000. Adage Capital Partners GP L.L.C. boosted its position in shares of Dover by 160.2% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,428,710 shares of the industrial products company’s stock worth $199,319,000 after purchasing an additional 879,533 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Dover by 2,173.8% in the third quarter. Wellington Management Group LLP now owns 817,125 shares of the industrial products company’s stock valued at $113,997,000 after purchasing an additional 781,189 shares in the last quarter. Franklin Resources Inc. grew its holdings in Dover by 15.4% during the fourth quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock worth $567,426,000 after buying an additional 492,577 shares in the last quarter. Finally, FMR LLC lifted its stake in Dover by 10.5% during the 3rd quarter. FMR LLC now owns 2,390,670 shares of the industrial products company’s stock valued at $333,522,000 after acquiring an additional 226,646 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Dover Stock Performance

The stock has a market cap of $24.75 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27. The company’s 50 day moving average price is $171.75 and its 200-day moving average price is $154.29. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.90 and a current ratio of 1.40.

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.