Dover (NYSE:DOV) Sets New 12-Month High – Time to Buy?

Dover Corporation (NYSE:DOV)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $216.10 and last traded at $215.1190, with a volume of 51979 shares trading hands. The stock had previously closed at $211.66.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DOV shares. The Goldman Sachs Group restated a “buy” rating and set a $224.00 price target on shares of Dover in a report on Saturday. UBS Group set a $256.00 target price on shares of Dover and gave the company a “buy” rating in a research note on Sunday, January 4th. Barclays set a $206.00 price target on shares of Dover in a research note on Monday. Citigroup reissued a “buy” rating on shares of Dover in a research report on Monday, January 12th. Finally, Morgan Stanley set a $210.00 price objective on shares of Dover in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Dover presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.00.

Dover Stock Performance

The company has a market capitalization of $29.68 billion, a PE ratio of 27.27, a PEG ratio of 1.59 and a beta of 1.29. The firm’s 50-day simple moving average is $199.14 and its 200-day simple moving average is $184.21. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.35.

Dover (NYSE:DOV) last posted its quarterly earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.03. Dover had a net margin of 13.52% and a return on equity of 17.87%. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the firm posted $2.20 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. On average, research analysts predict that Dover Corporation will post 9.45 earnings per share for the current year.

Dover Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, November 28th. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. Dover’s dividend payout ratio (DPR) is currently 26.20%.

Insider Activity

In other news, SVP Ivonne M. Cabrera sold 2,630 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $190.80, for a total value of $501,804.00. Following the completion of the transaction, the senior vice president directly owned 72,968 shares of the company’s stock, valued at approximately $13,922,294.40. The trade was a 3.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Christopher B. Woenker sold 1,627 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $186.04, for a total transaction of $302,687.08. Following the completion of the transaction, the chief financial officer owned 2,553 shares of the company’s stock, valued at $474,960.12. This represents a 38.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP raised its stake in shares of Dover by 717.4% in the second quarter. First Trust Advisors LP now owns 1,716,256 shares of the industrial products company’s stock worth $314,470,000 after purchasing an additional 1,506,288 shares during the last quarter. Norges Bank acquired a new position in Dover in the 2nd quarter worth approximately $274,135,000. AQR Capital Management LLC raised its position in Dover by 912.9% during the 2nd quarter. AQR Capital Management LLC now owns 789,409 shares of the industrial products company’s stock worth $144,572,000 after buying an additional 711,471 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Dover by 65.2% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,317,787 shares of the industrial products company’s stock valued at $219,846,000 after acquiring an additional 520,211 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Dover by 133.6% during the third quarter. Assenagon Asset Management S.A. now owns 656,349 shares of the industrial products company’s stock valued at $109,499,000 after purchasing an additional 375,333 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

About Dover

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.