Dover Corporation (DOV) Plans Dividend Increase – $0.47 Per Share
Dover Corporation (NYSE:DOV) declared a quarterly dividend on Tuesday, August 8th, Wall Street Journal reports. Investors of record on Thursday, August 31st will be paid a dividend of 0.47 per share by the industrial products company on Friday, September 15th. This represents a $1.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Tuesday, August 29th. This is a boost from Dover Corporation’s previous quarterly dividend of $0.44.
Dover Corporation has increased its dividend by an average of 5.9% per year over the last three years and has increased its dividend every year for the last 61 years. Dover Corporation has a dividend payout ratio of 44.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Dover Corporation to earn $4.47 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 39.4%.
Shares of Dover Corporation (NYSE DOV) traded up 0.02% during trading on Wednesday, reaching $86.89. The company had a trading volume of 31,581 shares. The company has a market cap of $13.53 billion, a P/E ratio of 21.72 and a beta of 1.27. Dover Corporation has a 12-month low of $65.50 and a 12-month high of $87.46. The firm has a 50-day moving average of $82.53 and a 200-day moving average of $80.66.
Dover Corporation (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.03. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the company posted $0.76 EPS. Dover Corporation’s revenue was up 18.2% on a year-over-year basis. On average, equities research analysts anticipate that Dover Corporation will post $4.31 EPS for the current year.
In other Dover Corporation news, Director Michael B. Stubbs sold 40,000 shares of Dover Corporation stock in a transaction on Friday, May 19th. The shares were sold at an average price of $83.22, for a total transaction of $3,328,800.00. Following the completion of the sale, the director now owns 275,344 shares of the company’s stock, valued at approximately $22,914,127.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael B. Stubbs sold 25,000 shares of Dover Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the sale, the director now directly owns 275,344 shares of the company’s stock, valued at approximately $23,965,941.76. The disclosure for this sale can be found here. Insiders have sold a total of 80,638 shares of company stock valued at $6,753,494 in the last ninety days. Company insiders own 2.50% of the company’s stock.
Several research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Tuesday, July 18th. BidaskClub cut shares of Dover Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Dover Corporation in a research report on Wednesday, June 7th. Seaport Global Securities restated a “buy” rating on shares of Dover Corporation in a research report on Monday, June 5th. Finally, CIBC restated a “hold” rating on shares of Dover Corporation in a research report on Wednesday, May 24th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $87.73.
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Dover Corporation Company Profile
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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