Dover (DOV) Hikes Dividend By 7%: Time To Buy The Stock?
Zacks Investment Research | Aug 08, 2017 10:05PM ET
The industrial products maker, Dover Corporation (NYSE:DOV) announced that its board of directors has approved a hike in quarterly dividend. The new dividend of 47 cents per share is 7% higher than the previous dividend of 44 cents. The increased dividend will be paid on Sep 15 to shareholders on record as of Aug 31, 2017. Based on the closing price of $86.87 per share on Aug 8, the stock has a dividend yield of 2.2%.
The dividend hike is in sync with the company’s plan to return operating cash to stockholders. This also highlights Dover’s financial strength.
Dover posted bookings of $2.02 billion in the second quarter, up 19.5% year over year. Backlog also increased to $1.33 billion at the end of the reported quarter from $1.09 billion at the year-ago quarter end.
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