Dover Corp. (NYSE:DOV) updated its FY16 earnings guidance on Monday. The company provided earnings per share guidance of $3.00-3.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.28. Dover Corp. also updated its Q3 guidance to $0.81-0.83 EPS.
Several equities research analysts have weighed in on the company. Susquehanna assumed coverage on Dover Corp. in a research report on Friday, October 7th. They set a neutral rating and a $77.00 price target on the stock. Bank of America Corp. reaffirmed a buy rating and set a $85.00 price target on shares of Dover Corp. in a research report on Thursday, October 6th. Zacks Investment Research downgraded Dover Corp. from a buy rating to a hold rating in a research report on Thursday, October 6th. Barclays PLC raised their target price on Dover Corp. from $65.00 to $71.00 and gave the company an equal weight rating in a research report on Monday, July 18th. Finally, Sanford C. Bernstein restated an outperform rating on shares of Dover Corp. in a research report on Monday, June 27th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $72.19.
Dover Corp. (NYSE:DOV) opened at 66.91 on Wednesday. The firm has a 50-day moving average of $71.20 and a 200-day moving average of $69.15. The stock has a market capitalization of $10.39 billion, a price-to-earnings ratio of 19.24 and a beta of 1.25. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90.
Dover Corp. (NYSE:DOV) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by $0.09. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the firm earned $0.98 earnings per share. The company’s revenue was down 4.1% compared to the same quarter last year. Equities research analysts anticipate that Dover Corp. will post $3.34 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.63%. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, August 29th. Dover Corp.’s payout ratio is 50.29%.
In other news, CEO Robert Livingston sold 25,927 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the transaction, the chief executive officer now directly owns 192,630 shares in the company, valued at $13,337,701.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP William Spurgeon sold 17,170 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the transaction, the vice president now owns 59,163 shares in the company, valued at $4,239,028.95. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Atlantic Trust Group LLC purchased a new position in shares of Dover Corp. during the second quarter worth about $923,000. Canada Pension Plan Investment Board raised its position in shares of Dover Corp. by 9.8% in the second quarter. Canada Pension Plan Investment Board now owns 15,712 shares of the company’s stock valued at $1,089,000 after buying an additional 1,400 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Dover Corp. by 19.2% in the second quarter. HighTower Advisors LLC now owns 20,098 shares of the company’s stock valued at $1,399,000 after buying an additional 3,238 shares during the last quarter. Advisor Partners LLC bought a new position in shares of Dover Corp. during the second quarter valued at $201,000. Finally, Tredje AP fonden raised its position in shares of Dover Corp. by 1,572.6% in the second quarter. Tredje AP fonden now owns 14,552 shares of the company’s stock valued at $1,009,000 after buying an additional 13,682 shares during the last quarter. Institutional investors and hedge funds own 85.59% of the company’s stock.
About Dover Corp.
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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