Dover (NYSE:DOV) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

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

Dover Stock Down 0.4%

DOV traded down $0.86 during trading hours on Thursday, reaching $205.15. 1,015,286 shares of the stock traded hands, compared to its average volume of 1,147,017. Dover has a fifty-two week low of $143.04 and a fifty-two week high of $222.31. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.04 and a quick ratio of 1.44. The company has a market cap of $28.14 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.44 and a beta of 1.31. The firm’s fifty day simple moving average is $197.30 and its two-hundred day simple moving average is $183.76.

Dover Dividend Announcement

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

Insider Activity

In related news, CFO Christopher B. Woenker sold 1,627 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $186.04, for a total value 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 approximately $474,960.12. This represents a 38.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Ivonne M. Cabrera sold 2,630 shares of Dover stock in a transaction that occurred 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 sale, the senior vice president owned 72,968 shares in the company, valued at $13,922,294.40. This represents a 3.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Palisade Asset Management LLC acquired a new stake in Dover in the 3rd quarter valued at about $60,000. MUFG Securities EMEA plc acquired a new stake in Dover during the second quarter valued at approximately $74,000. Caitong International Asset Management Co. Ltd boosted its holdings in Dover by 419.8% during the third quarter. Caitong International Asset Management Co. Ltd now owns 473 shares of the industrial products company’s stock worth $79,000 after buying an additional 382 shares in the last quarter. Kelleher Financial Advisors acquired a new position in Dover in the third quarter worth approximately $99,000. Finally, Centaurus Financial Inc. lifted its position in shares of Dover by 31.6% during the 3rd quarter. Centaurus Financial Inc. now owns 796 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 191 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DOV has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target 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. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $199.00 price target on shares of Dover in a report on Thursday, January 15th. Wells Fargo & Company raised their target price on Dover from $200.00 to $205.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 7th. Wall Street Zen downgraded Dover from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, UBS Group set a $256.00 target price on shares of Dover and gave the company a “buy” rating in a report on Sunday, January 4th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Dover presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.45.

Dover Company Profile

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.