Dover (NYSE:DOV) Posts Quarterly Earnings Results

Dover (NYSE:DOV) announced its quarterly earnings data on Thursday. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.03, FiscalAI reports. Dover had a return on equity of 17.62% and a net margin of 28.37%.The company had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the business posted $2.20 EPS. The business’s revenue was up 8.8% compared to the same quarter last year.

Dover Stock Performance

Shares of DOV stock traded down $0.86 during trading hours on Thursday, reaching $205.15. The company had a trading volume of 1,015,286 shares, compared to its average volume of 1,147,017. The firm has a market cap of $28.14 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.44 and a beta of 1.31. The business has a fifty day moving average price of $197.30 and a 200-day moving average price of $183.76. Dover has a one year low of $143.04 and a one year high of $222.31. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.44 and a current ratio of 2.04.

Dover Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. Dover’s payout ratio is 12.79%.

Analysts Set New Price Targets

A number of equities analysts recently commented on DOV shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Dover in a report on Monday, December 29th. Robert W. Baird set a $235.00 target price on Dover in a report on Friday, October 24th. Wall Street Zen downgraded Dover from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Wells Fargo & Company upped their price objective on shares of Dover from $200.00 to $205.00 and gave the company an “equal weight” rating in a report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Dover from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $218.45.

Insiders Place Their Bets

In other news, SVP Ivonne M. Cabrera sold 2,630 shares of the company’s stock in a transaction dated 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 owned 72,968 shares of the company’s stock, valued at $13,922,294.40. This represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Christopher B. Woenker sold 1,627 shares of Dover stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $186.04, for a total value of $302,687.08. Following the sale, the chief financial officer directly owned 2,553 shares in the company, valued at $474,960.12. This trade represents a 38.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dover

A number of hedge funds and other institutional investors have recently made changes to their positions in DOV. AQR Capital Management LLC raised its holdings in shares of 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 acquiring an additional 711,471 shares during the period. Qube Research & Technologies Ltd increased its stake in Dover by 65.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,317,787 shares of the industrial products company’s stock worth $219,846,000 after acquiring an additional 520,211 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Dover by 16.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,130,657 shares of the industrial products company’s stock valued at $355,458,000 after purchasing an additional 294,856 shares during the last quarter. Voloridge Investment Management LLC increased its position in shares of Dover by 667.2% during the 3rd quarter. Voloridge Investment Management LLC now owns 327,155 shares of the industrial products company’s stock worth $54,579,000 after purchasing an additional 284,514 shares during the last quarter. Finally, Two Sigma Investments LP raised its holdings in Dover by 1,242.1% in the 3rd quarter. Two Sigma Investments LP now owns 291,024 shares of the industrial products company’s stock valued at $48,552,000 after buying an additional 269,339 shares during the period. Institutional investors own 84.46% of the company’s stock.

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.