Zacks Investment Research upgraded shares of Dover Corp. (NYSE:DOV) from a hold rating to a buy rating in a research note issued to investors on Wednesday. Zacks Investment Research currently has $81.00 price target on the stock.
According to Zacks, “Dover is poised to benefit from acquisitions, new product offerings, leading technology and increased MRO activity. The company will also gain from solid growth from the industrial, hygienic and pharma markets. Recently, Dover announced the acquisition of Ravaglioli as well as the divestment of its Tipper Tie unit in order to expedite its business strategy. These actions will bolster Dover’s business in key markets. These are well reflected in the company’s positive record of earnings surprises in recent quarters. “
A number of other analysts have also recently issued reports on DOV. Robert W. Baird raised Dover Corp. from a neutral rating to an outperform rating and lifted their price objective for the company from $66.00 to $86.00 in a research report on Wednesday, June 8th. Oppenheimer Holdings Inc. reissued a hold rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Citigroup Inc. lifted their price objective on Dover Corp. from $70.00 to $76.00 and gave the company a neutral rating in a research report on Wednesday, June 8th. Sanford C. Bernstein raised Dover Corp. from a market perform rating to an outperform rating and lifted their price objective for the company from $75.00 to $87.00 in a research report on Friday, June 10th. Finally, Barclays PLC boosted their price target on Dover Corp. from $65.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 18th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $72.63.
Dover Corp. (NYSE:DOV) opened at 72.24 on Wednesday. The company has a market cap of $11.21 billion, a P/E ratio of 20.78 and a beta of 1.25. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90. The firm’s 50-day moving average price is $71.63 and its 200-day moving average price is $69.10.
Dover Corp. (NYSE:DOV) last released its quarterly earnings data 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. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. Dover Corp.’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. Analysts expect 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. Investors of record on Wednesday, August 31st were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.44%. 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 currently 50.29%.
In related news, CEO Robert Livingston sold 25,927 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was 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 filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $71.65, for a total value 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. Corporate insiders own 2.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of DOV. Shinko Asset Management Co. Ltd. raised its position in shares of Dover Corp. by 0.6% in the second quarter. Shinko Asset Management Co. Ltd. now owns 4,247 shares of the company’s stock valued at $294,000 after buying an additional 25 shares in the last quarter. Archford Capital Strategies LLC raised its position in shares of Dover Corp. by 0.4% in the second quarter. Archford Capital Strategies LLC now owns 11,957 shares of the company’s stock valued at $829,000 after buying an additional 44 shares in the last quarter. Ngam Advisors L.P. raised its position in shares of Dover Corp. by 0.5% in the second quarter. Ngam Advisors L.P. now owns 12,291 shares of the company’s stock valued at $852,000 after buying an additional 59 shares in the last quarter. Phocas Financial Corp. raised its position in shares of Dover Corp. by 0.6% in the first quarter. Phocas Financial Corp. now owns 13,496 shares of the company’s stock valued at $868,000 after buying an additional 85 shares in the last quarter. Finally, Peachtree Investment Advisors Inc. raised its position in shares of Dover Corp. by 0.5% in the second quarter. Peachtree Investment Advisors Inc. now owns 20,180 shares of the company’s stock valued at $1,399,000 after buying an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 85.59% of the company’s stock.
Dover Corp. Company Profile
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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