Dover Corp (NYSE:DOV) announced a quarterly dividend on Monday, February 12th, Wall Street Journal reports. Shareholders of record on Wednesday, February 28th will be given a dividend of 0.47 per share by the industrial products company on Thursday, March 15th. This represents a $1.88 annualized dividend and a yield of 1.91%. The ex-dividend date is Tuesday, February 27th.
Dover has raised its dividend payment by an average of 5.5% per year over the last three years and has raised its dividend annually for the last 62 consecutive years. Dover has a payout ratio of 47.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Dover to earn $6.36 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 29.6%.
Dover (NYSE DOV) traded up $0.92 during trading hours on Monday, reaching $98.27. 1,052,796 shares of the company’s stock traded hands, compared to its average volume of 1,278,041. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.01 and a current ratio of 1.40. The stock has a market cap of $15,033.21, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 1.28 and a beta of 1.28. Dover has a 52-week low of $75.51 and a 52-week high of $109.06.
Several equities research analysts have recently issued reports on DOV shares. BMO Capital Markets restated a “buy” rating on shares of Dover in a research note on Friday, January 26th. Zacks Investment Research upgraded shares of Dover from a “hold” rating to a “buy” rating and set a $106.00 price target for the company in a research note on Tuesday, October 17th. Royal Bank of Canada restated a “hold” rating and set a $105.00 price target on shares of Dover in a research note on Wednesday, January 17th. Stifel Nicolaus restated a “hold” rating and set a $112.00 price target (up previously from $100.00) on shares of Dover in a research note on Tuesday, January 16th. Finally, ValuEngine lowered shares of Dover from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $104.42.
In related news, VP Paul Goldberg sold 2,430 shares of Dover stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $93.50, for a total value of $227,205.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William T. Bosway sold 6,087 shares of Dover stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.66, for a total transaction of $576,195.42. Following the completion of the transaction, the vice president now owns 21,877 shares of the company’s stock, valued at $2,070,876.82. The disclosure for this sale can be found here. Insiders sold a total of 10,876 shares of company stock valued at $1,026,090 over the last quarter. 2.50% of the stock is owned by company insiders.
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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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