Dover Corp (DOV) to Issue $0.47 Quarterly Dividend
Dover Corp (NYSE:DOV) declared a quarterly dividend on Monday, February 12th, Wall Street Journal reports. Shareholders of record on Wednesday, February 28th will be paid 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 of this dividend is Tuesday, February 27th.
Dover has raised its dividend payment by an average of 5.5% annually over the last three years and has increased its dividend every year for the last 62 years. Dover has a payout ratio of 47.7% meaning its dividend is sufficiently covered by earnings. Equities 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%.
Shares of Dover (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. Dover has a 1 year low of $75.51 and a 1 year high of $109.06. The company has a market cap of $15,033.21, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 1.28 and a beta of 1.28.
In other Dover news, SVP Stephen Gary Kennon sold 2,359 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $94.40, for a total value of $222,689.60. Following the completion of the sale, the senior vice president now directly owns 5,192 shares of the company’s stock, valued at $490,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP William T. Bosway sold 6,087 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $94.66, for a total transaction of $576,195.42. Following the completion of the sale, the vice president now directly 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 10,876 shares of company stock valued at $1,026,090 over the last three months. 2.50% of the stock is currently owned by insiders.
A number of research firms have recently issued reports on DOV. SunTrust Banks lifted their price objective on shares of Dover to $106.00 and gave the stock a “hold” rating in a report on Wednesday, January 31st. Morgan Stanley lifted their price objective on shares of Dover from $110.00 to $113.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. BMO Capital Markets lifted their price objective on shares of Dover from $116.00 to $118.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Seaport Global Securities reaffirmed a “hold” rating and set a $110.00 price objective on shares of Dover in a report on Friday, February 2nd. Finally, Zacks Investment Research raised shares of Dover from a “hold” rating to a “buy” rating and set a $119.00 price objective for the company in a report on Friday, February 2nd. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $104.42.
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Dover 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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