Dover Corporation (NYSE:DOV) Increases Dividend to $0.52 Per Share

Key Points

• Dover Corporation has announced a quarterly dividend of $0.52 per share, which will be paid on September 15th to shareholders of record as of August 29th. This represents a 1.0% increase from its previous dividend amount.
• The company's payout ratio is 20.1%, indicating its dividend is well-supported by earnings, with analysts projecting $10.29 earnings per share for next year.
• Dover's latest earnings report indicates a revenue of $2.05 billion for the quarter, exceeding expectations, and a year-over-year revenue increase of 5.2%.

Dover Corporation (NYSE:DOV - Get Free Report) declared a quarterly dividend on Friday, August 8th, RTT News reports. Shareholders of record on Friday, August 29th will be paid a dividend of 0.52 per share by the industrial products company on Monday, September 15th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, August 29th. This is a 1.0% increase from Dover's previous quarterly dividend of $0.52.

Dover has a payout ratio of 20.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Dover to earn $10.29 per share next year, which means the company should continue to be able to cover its $2.06 annual dividend with an expected future payout ratio of 20.0%.

Dover Stock Up 1.0%

DOV traded up $1.77 during trading on Tuesday, reaching $177.06. The company had a trading volume of 252,267 shares, compared to its average volume of 1,066,911. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.95 and a quick ratio of 1.35. Dover has a 12 month low of $143.04 and a 12 month high of $222.31. The business's fifty day moving average price is $182.21 and its 200 day moving average price is $181.93. The company has a market cap of $24.28 billion, a P/E ratio of 10.68, a PEG ratio of 1.38 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.05. Dover had a net margin of 29.29% and a return on equity of 18.19%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm posted $2.36 earnings per share. The business's revenue was up 5.2% on a year-over-year basis. Equities analysts anticipate that Dover will post 9.45 EPS for the current year.

Hedge Funds Weigh In On Dover

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Dover by 1.4% in the second quarter. Vanguard Group Inc. now owns 16,573,281 shares of the industrial products company's stock valued at $3,036,722,000 after purchasing an additional 231,146 shares during the period. Geode Capital Management LLC increased its stake in shares of Dover by 1.0% during the second quarter. Geode Capital Management LLC now owns 3,453,121 shares of the industrial products company's stock worth $629,996,000 after purchasing an additional 33,539 shares during the period. Nuveen LLC bought a new position in shares of Dover during the first quarter worth approximately $526,081,000. Adage Capital Partners GP L.L.C. increased its stake in shares of Dover by 31.6% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company's stock worth $409,530,000 after purchasing an additional 524,092 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Dover by 16.6% during the fourth quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock worth $323,896,000 after purchasing an additional 245,535 shares during the period. 84.46% of the stock is 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.