Dover (NYSE:DOV) Hits New 1-Year High Following Analyst Upgrade

Dover Co. (NYSE:DOV)’s stock price reached a new 52-week high 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 trading hands. The stock had previously closed at $192.79.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company increased their price target on Dover from $190.00 to $197.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Royal Bank of Canada increased their price target on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Wolfe Research upgraded Dover to a “hold” rating in a research report on Friday, September 20th. Barclays raised their price objective on Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Oppenheimer restated an “outperform” rating and set a $215.00 price objective (up from $210.00) on shares of Dover in a research report on Wednesday. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $198.75.

Insider Activity at Dover

In related news, CEO Richard J. Tobin sold 25,004 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total value of $4,549,727.84. Following the transaction, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Dover news, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total value of $4,549,727.84. Following the transaction, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at $33,285,578.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brad M. Cerepak sold 14,818 shares of Dover 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 transaction, the chief financial officer now directly owns 12,324 shares in the company, valued at approximately $2,156,700. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,383 shares of company stock valued at $8,169,883. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Dover

Several institutional investors have recently modified their holdings of the company. First Citizens Bank & Trust Co. grew its holdings in shares of Dover by 3.8% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 4,624 shares of the industrial products company’s stock worth $887,000 after purchasing an additional 168 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Dover by 57.9% during the 3rd quarter. Blue Trust Inc. now owns 3,228 shares of the industrial products company’s stock worth $583,000 after purchasing an additional 1,184 shares in the last quarter. Aaron Wealth Advisors LLC acquired a new stake in shares of Dover during the 3rd quarter worth approximately $221,000. V Square Quantitative Management LLC boosted its stake in Dover by 19.2% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,643 shares of the industrial products company’s stock valued at $699,000 after buying an additional 586 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Dover by 1.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,170 shares of the industrial products company’s stock valued at $4,059,000 after buying an additional 398 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Dover Trading Down 0.2 %

The company has a 50 day moving average of $185.58 and a 200 day moving average of $181.68. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55. The firm has a market cap of $26.72 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22.

Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.21 by $0.15. The business had revenue of $2.18 billion for 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%. Dover’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.05 EPS. As a group, research analysts anticipate 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 paid a $0.515 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.06%. This is a positive change 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.