Dover Corp (DOV) Shares Gap Up After Strong Earnings

Dover Corp (NYSE:DOV)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $76.02, but opened at $79.26. Dover Corp shares last traded at $79.71, with a volume of 2,841,865 shares trading hands.

The industrial products company reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.48. Dover Corp had a net margin of 7.49% and a return on equity of 12.35%. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, May 26th. This represents a $1.76 dividend on an annualized basis and a yield of 2.18%. Dover Corp’s dividend payout ratio is currently 53.99%.

A number of research firms recently commented on DOV. Citigroup Inc upped their price target on shares of Dover Corp from $84.00 to $87.00 and gave the company a “neutral” rating in a report on Tuesday, April 11th. BMO Capital Markets began coverage on shares of Dover Corp in a report on Wednesday, February 22nd. They set a “market perform” rating and a $82.00 price target for the company. Morgan Stanley upgraded shares of Dover Corp from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $85.00 to $90.00 in a report on Monday, April 3rd. Royal Bank of Canada set a $73.00 price target on shares of Dover Corp and gave the company a “hold” rating in a report on Thursday, January 26th. Finally, Stifel Nicolaus upped their price objective on shares of Dover Corp from $76.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, January 27th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $84.55.

In related news, VP Sandra A. Arkell sold 1,850 shares of the stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $79.94, for a total value of $147,889.00. Following the completion of the transaction, the vice president now directly owns 10,742 shares in the company, valued at approximately $858,715.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP C. Anderson Fincher sold 15,638 shares of the stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $79.85, for a total transaction of $1,248,694.30. Following the completion of the transaction, the vice president now owns 32,842 shares of the company’s stock, valued at $2,622,433.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,352 shares of company stock valued at $3,641,533. 2.60% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in DOV. Capital Fund Management S.A. increased its stake in shares of Dover Corp by 197.4% in the third quarter. Capital Fund Management S.A. now owns 30,631 shares of the industrial products company’s stock valued at $2,256,000 after buying an additional 20,331 shares during the period. Argentus Capital Management LLC purchased a new stake in shares of Dover Corp during the third quarter valued at approximately $467,000. BB&T Corp increased its stake in shares of Dover Corp by 1.0% in the third quarter. BB&T Corp now owns 200,794 shares of the industrial products company’s stock valued at $14,787,000 after buying an additional 2,061 shares during the period. Welch & Forbes LLC increased its stake in shares of Dover Corp by 1.9% in the third quarter. Welch & Forbes LLC now owns 210,502 shares of the industrial products company’s stock valued at $15,501,000 after buying an additional 3,951 shares during the period. Finally, FormulaFolio Investments LLC purchased a new stake in shares of Dover Corp during the third quarter valued at approximately $955,000. 84.57% of the stock is currently owned by institutional investors.

The company’s 50 day moving average is $79.93 and its 200 day moving average is $77.30. The stock has a market cap of $12.94 billion, a P/E ratio of 22.47 and a beta of 1.18.

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About Dover Corp

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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