IDN - Dover Shares Rally 16% YTD: What's Driving the Stock? | Benzinga
Dover Corporation (NYSE: DOV) shares have gained 15.9% in the past year compared with the industry's growth of 3%. Moreover, it has topped the S&P 500's 13.2% rise over the same period.
Image Source: Zacks Investment Research
Let us take a look into the factors that are driving this Zacks Rank #3 (Hold) stock.
What's Going in Dover's Favor?
Solid Booking Levels: DOV's bookings have been healthy across most segments. It recorded consecutive booking growth in the fourth quarter of 2023 and the first quarter of 2024. The company expects this trend to continue for the remainder of the year. This is being driven by strong demand across the majority of the company's business and its ability to produce and ship despite several operating challenges.
Orders remain strong in waste handling, and aerospace & defense. Solid new order intake also continues to aid growth.
Solid Strategic Actions: Dover will gain from product digitization, e-commerce, product development and investment in core business platforms. The company is focused on investments in capacity expansions in high-growth businesses and productivity improvements across its portfolio.
It continues to execute restructuring programs to ...