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

Dover Co. (NYSE:DOV)’s share price hit 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 traded. The stock had previously closed at $192.79.

Several other brokerages have also issued reports on DOV. Wells Fargo & Company boosted their price objective on shares of Dover from $190.00 to $197.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Oppenheimer restated an “outperform” rating and issued a $215.00 price objective (up from $210.00) on shares of Dover in a report on Wednesday. Robert W. Baird reaffirmed an “outperform” rating and set a $208.00 price objective on shares of Dover in a research report on Monday, July 22nd. Barclays upped their price target on Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their price objective on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.75.

Insider Activity at Dover

In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $185.00, for a total transaction of $225,700.00. Following the sale, the senior vice president now owns 47,060 shares in the company, valued at $8,706,100. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the transaction, the senior vice president now owns 47,060 shares in the company, valued at $8,706,100. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of the 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 completion of the sale, 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. Over the last three months, insiders sold 45,383 shares of company stock worth $8,169,883. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its holdings in Dover by 27.4% during the first quarter. BNP Paribas Financial Markets now owns 166,211 shares of the industrial products company’s stock worth $29,451,000 after purchasing an additional 35,750 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Dover by 14.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 202,659 shares of the industrial products company’s stock worth $35,909,000 after purchasing an additional 25,562 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Dover by 75.1% during the first quarter. SG Americas Securities LLC now owns 19,972 shares of the industrial products company’s stock worth $3,539,000 after purchasing an additional 8,563 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Dover by 975.5% in the 1st quarter. Cetera Investment Advisers now owns 24,886 shares of the industrial products company’s stock valued at $4,410,000 after purchasing an additional 22,572 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Dover by 56.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 13,175 shares of the industrial products company’s stock valued at $2,334,000 after purchasing an additional 4,760 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Stock Up 0.9 %

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 business has a 50 day moving average of $184.85 and a 200-day moving average of $181.45. The stock has a market cap of $26.72 billion, a PE ratio of 18.52, a P/E/G ratio of 2.20 and a beta of 1.22.

Dover (NYSE:DOV) last released 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. Dover had a net margin of 17.58% and a return on equity of 24.94%. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter in the prior year, the firm earned $2.05 EPS. Dover’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts predict that Dover Co. will post 9.18 EPS for the current fiscal year.

Dover Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.515 per share. This represents a $2.06 dividend on an annualized basis and a yield of 1.06%. This is a boost from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, August 30th. Dover’s dividend payout ratio (DPR) is presently 19.79%.

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.