Dover Co. Declares Quarterly Dividend of $0.51 (NYSE:DOV)

Dover Co. (NYSE:DOV) declared a quarterly dividend on Friday, May 3rd, RTT News reports. Shareholders of record on Friday, May 31st will be given a dividend of 0.51 per share by the industrial products company on Friday, June 14th. This represents a $2.04 dividend on an annualized basis and a yield of 1.14%.

Dover has increased its dividend by an average of 1.0% per year over the last three years and has raised its dividend annually for the last 69 consecutive years. Dover has a payout ratio of 20.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Dover to earn $9.90 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 20.6%.

Dover Price Performance

Shares of DOV traded up $1.50 during trading hours on Friday, hitting $179.05. 1,273,495 shares of the company were exchanged, compared to its average volume of 996,180. The company has a quick ratio of 0.89, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. Dover has a fifty-two week low of $127.25 and a fifty-two week high of $182.33. The company has a market cap of $24.61 billion, a price-to-earnings ratio of 17.20, a P/E/G ratio of 1.83 and a beta of 1.25. The firm’s fifty day moving average is $173.14 and its 200 day moving average is $155.36.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.03 billion. Dover had a net margin of 17.28% and a return on equity of 25.04%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $1.94 earnings per share. On average, equities analysts anticipate that Dover will post 9.1 earnings per share for the current fiscal year.

Insider Activity

In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of Dover stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the transaction, the chief financial officer now directly owns 17,909 shares of the company’s stock, valued at approximately $3,164,699.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the completion of the transaction, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brad M. Cerepak sold 18,410 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 23,909 shares in the company, valued at $3,897,406.09. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,910 shares of company stock valued at $4,318,059. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DOV shares. StockNews.com raised Dover from a “hold” rating to a “buy” rating in a report on Friday, April 26th. Royal Bank of Canada lifted their target price on Dover from $146.00 to $153.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Citigroup increased their target price on shares of Dover from $180.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Seaport Res Ptn raised shares of Dover from a “neutral” rating to a “buy” rating in a report on Monday, February 5th. Finally, Wells Fargo & Company increased their price objective on shares of Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $185.75.

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.