Dover (NYSE:DOV) Reaches New 1-Year High – Still a Buy?

Dover Co. (NYSE:DOV) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $205.06 and last traded at $204.74, with a volume of 560665 shares changing hands. The stock had previously closed at $202.49.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. UBS Group assumed coverage on shares of Dover in a report on Wednesday, November 13th. They set a “neutral” rating and a $217.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Dover from $190.00 to $197.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Oppenheimer reissued an “outperform” rating and issued a $215.00 target price (up from $210.00) on shares of Dover in a report on Wednesday, October 16th. Finally, Wolfe Research raised shares of Dover from a “peer perform” rating to an “outperform” rating and set a $227.00 target price for the company in a report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Dover currently has an average rating of “Moderate Buy” and an average target price of $208.40.

Dover Stock Performance

The company has a market capitalization of $28.09 billion, a P/E ratio of 18.11, a P/E/G ratio of 2.67 and a beta of 1.22. The business has a 50-day moving average of $192.93 and a 200-day moving average of $185.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.57 and a quick ratio of 1.06.

Dover Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.515 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $2.06 dividend on an annualized basis and a yield of 1.01%. Dover’s dividend payout ratio is presently 18.43%.

Insider Buying and Selling

In other news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the sale, the senior vice president now directly owns 47,060 shares in the company, valued at approximately $8,706,100. This trade represents a 2.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brad M. Cerepak sold 14,818 shares of Dover stock in a transaction on Friday, September 6th. The stock was sold at an average price of $175.00, for a total value of $2,593,150.00. Following the sale, the chief financial officer now owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. This trade represents a 54.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Dover

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Dover by 0.9% in the third quarter. State Street Corp now owns 6,214,308 shares of the industrial products company’s stock valued at $1,191,531,000 after acquiring an additional 56,149 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Dover by 0.8% in the third quarter. Geode Capital Management LLC now owns 3,228,716 shares of the industrial products company’s stock valued at $616,945,000 after acquiring an additional 25,993 shares in the last quarter. FMR LLC raised its holdings in shares of Dover by 5.1% in the third quarter. FMR LLC now owns 3,085,826 shares of the industrial products company’s stock valued at $591,676,000 after acquiring an additional 149,378 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Dover by 153.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock valued at $466,622,000 after acquiring an additional 1,595,611 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Dover by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,505,749 shares of the industrial products company’s stock valued at $271,702,000 after acquiring an additional 60,912 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.