Dover (NYSE:DOV) Hits New 52-Week High at $182.69

Dover Co. (NYSE:DOV) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $182.69 and last traded at $182.31, with a volume of 11424 shares trading hands. The stock had previously closed at $181.73.

Wall Street Analyst Weigh In

DOV has been the topic of several recent research reports. StockNews.com upgraded shares of Dover from a “hold” rating to a “buy” rating in a report on Friday, April 26th. Royal Bank of Canada upped their target price on Dover from $146.00 to $153.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Wells Fargo & Company lifted their price target on Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Oppenheimer upped their price objective on Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Finally, Seaport Res Ptn upgraded Dover from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $185.75.

Dover Price Performance

The firm has a market cap of $25.42 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 1.84 and a beta of 1.25. The company has a quick ratio of 0.89, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average price of $174.52 and a two-hundred day moving average price of $156.71.

Dover (NYSE:DOV) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.07. The business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 17.28% and a return on equity of 25.04%. Dover’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.94 EPS. As a group, equities analysts expect that Dover Co. will post 9.1 earnings per share for the current year.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.51 dividend. The ex-dividend date is Thursday, May 30th. This represents a $2.04 dividend on an annualized basis and a yield of 1.10%. Dover’s dividend payout ratio (DPR) is 19.60%.

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $163.01, for a total value of $3,001,014.10. Following the completion of the transaction, the chief financial officer now owns 23,909 shares in the company, valued at approximately $3,897,406.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $163.01, for a total value of $3,001,014.10. Following the completion of the transaction, the chief financial officer now owns 23,909 shares in the company, valued at approximately $3,897,406.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 6,000 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total value of $1,060,260.00. Following the sale, the chief financial officer now directly owns 17,909 shares in the company, valued at $3,164,699.39. The disclosure for this sale can be found here. Insiders sold 25,910 shares of company stock worth $4,318,059 in the last 90 days. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Dover

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its position in shares of Dover by 15.4% during the 4th quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock valued at $567,426,000 after acquiring an additional 492,577 shares during the period. FMR LLC grew its position in shares of 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 during the period. Northern Trust Corp grew its position in shares of Dover by 5.5% during the 3rd quarter. Northern Trust Corp now owns 1,724,613 shares of the industrial products company’s stock valued at $240,601,000 after acquiring an additional 89,774 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Dover by 10.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,428,878 shares of the industrial products company’s stock valued at $219,778,000 after acquiring an additional 140,089 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew 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 valued at $199,319,000 after acquiring an additional 879,533 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

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.