Dover Corporation (DOV) to Issue Quarterly Dividend of $0.47
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 given a dividend of 0.47 per share by the industrial products company on Friday, September 15th. This represents a $1.88 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Tuesday, August 29th. This is a positive change from Dover Corporation’s previous quarterly dividend of $0.44.
Dover Corporation has increased its dividend payment by an average of 5.9% annually over the last three years and has increased its dividend annually for the last 61 consecutive 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 $4.50 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 39.1%.
Dover Corporation (DOV) traded down 0.44% on Tuesday, hitting $86.87. 923,488 shares of the company traded hands. The firm’s 50 day moving average price is $82.25 and its 200 day moving average price is $80.55. Dover Corporation has a 1-year low of $65.50 and a 1-year high of $87.40. The firm has a market capitalization of $13.53 billion, a PE ratio of 21.72 and a beta of 1.27.
Dover Corporation (NYSE:DOV) last released its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.03. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the previous year, the company posted $0.76 EPS. The company’s revenue was up 18.2% compared to the same quarter last year. Equities research analysts predict that Dover Corporation will post $4.31 EPS for the current fiscal year.
In other Dover Corporation news, VP C. Anderson Fincher sold 15,638 shares of the company’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $79.85, for a total value of $1,248,694.30. Following the transaction, the vice president now owns 32,842 shares of the company’s stock, valued at approximately $2,622,433.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael B. Stubbs sold 40,000 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $83.22, for a total value of $3,328,800.00. Following the completion of the transaction, the director now directly owns 275,344 shares in the company, valued at approximately $22,914,127.68. The disclosure for this sale can be found here. Insiders sold a total of 80,638 shares of company stock worth $6,753,494 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.
A number of analysts have issued reports on DOV shares. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $90.00 price objective (up previously from $89.00) on shares of Dover Corporation in a research note on Thursday, July 6th. Citigroup Inc. lifted their price objective on Dover Corporation from $84.00 to $87.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 11th. Stifel Nicolaus lifted their price objective on Dover Corporation from $88.00 to $91.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. BMO Capital Markets raised Dover Corporation from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $89.00 to $82.00 in a research note on Thursday, June 8th. Finally, Zacks Investment Research raised Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Tuesday, July 18th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $87.73.
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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