Dover Corporation Announces Quarterly Dividend of $0.44 (DOV)

Dover Corporation (NYSE:DOV) declared a quarterly dividend on Monday, May 8th, Wall Street Journal reports. Investors of record on Wednesday, May 31st will be given a dividend of 0.44 per share by the industrial products company on Thursday, June 15th. This represents a $1.76 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, May 26th.

Dover Corporation has increased its dividend payment by an average of 5.9% per year over the last three years and has raised its dividend annually for the last 61 consecutive years. Dover Corporation has a dividend payout ratio of 46.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Dover Corporation to earn $4.42 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 39.8%.

Dover Corporation (DOV) traded up 0.68% during trading on Friday, hitting $82.94. The stock had a trading volume of 1,563,795 shares. The firm has a 50 day moving average of $81.37 and a 200-day moving average of $79.12. The stock has a market cap of $12.91 billion, a price-to-earnings ratio of 22.42 and a beta of 1.20. Dover Corporation has a 12 month low of $63.93 and a 12 month high of $84.40.

Dover Corporation (NYSE:DOV) last announced its quarterly earnings data on Thursday, April 20th. The industrial products company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.48. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.77 billion. Dover Corporation had a net margin of 8.33% and a return on equity of 12.93%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. Equities analysts predict that Dover Corporation will post $4.18 earnings per share for the current year.

Dividend History for Dover Corporation (NYSE:DOV)

A number of brokerages have recently weighed in on DOV. Bank of America Corporation boosted their price objective on shares of Dover Corporation from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, June 9th. BMO Capital Markets raised shares of Dover Corporation from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $89.00 to $82.00 in a report on Thursday, June 8th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Dover Corporation in a report on Wednesday, June 7th. Seaport Global Securities reissued a “buy” rating on shares of Dover Corporation in a report on Monday, June 5th. Finally, CIBC restated a “hold” rating on shares of Dover Corporation in a research report on Wednesday, May 24th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Dover Corporation has an average rating of “Hold” and a consensus price target of $85.22.

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In related news, VP William Spurgeon sold 7,864 shares of the company’s stock in a transaction dated Wednesday, April 26th. The shares were sold at an average price of $81.25, for a total transaction of $638,950.00. Following the completion of the transaction, the vice president now owns 39,155 shares in the company, valued at approximately $3,181,343.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael B. Stubbs sold 40,000 shares of the company’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $83.22, for a total transaction of $3,328,800.00. Following the transaction, the director now owns 275,344 shares of the company’s stock, valued at approximately $22,914,127.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,502 shares of company stock valued at $5,216,444. Insiders own 2.50% of the company’s stock.

Dover Corporation 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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