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. 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. Nevertheless, the company narrowed its 2016 earnings per share guidance range to $3.42–$3.52. It also expects full-year revenue to dip 3%–5%. The guidance cut came on the back of delay in project timing & persistent softness in oil and gas related markets. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third quarter results. “
Several other equities research analysts have also issued reports on the company. Barclays PLC upped their price target 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. Sanford C. Bernstein reissued an outperform rating on shares of Dover Corp. in a research report on Monday, June 27th. Citigroup Inc. upped their price target on Dover Corp. from $70.00 to $76.00 and gave the company a neutral rating 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. Finally, Robert W. Baird raised Dover Corp. from a neutral rating to an outperform rating and upped their price target for the company from $66.00 to $86.00 in a research report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. Dover Corp. has an average rating of Hold and a consensus price target of $72.33.
Shares of Dover Corp. (NYSE:DOV) traded down 2.66% during midday trading on Thursday, hitting $71.73. 552,771 shares of the company’s stock traded hands. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The company has a 50 day moving average of $71.68 and a 200 day moving average of $69.06. The stock has a market cap of $11.13 billion, a P/E ratio of 20.63 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last released its earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 earnings per share. On average, equities analysts forecast that Dover Corp. will post $3.34 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Monday, August 29th. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s payout ratio is 50.29%.
In related news, VP C. Anderson Fincher sold 1,420 shares of Dover Corp. stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total value of $104,256.40. Following the sale, the vice president now owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William Spurgeon sold 17,170 shares of Dover Corp. stock in a transaction that occurred on 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 completion of the sale, the vice president now directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Shinko Asset Management Co. Ltd. boosted its stake in Dover Corp. by 0.6% in the second quarter. Shinko Asset Management Co. Ltd. now owns 4,247 shares of the company’s stock worth $294,000 after buying an additional 25 shares during the period. Archford Capital Strategies LLC boosted its stake in Dover Corp. by 0.4% in the second quarter. Archford Capital Strategies LLC now owns 11,957 shares of the company’s stock worth $829,000 after buying an additional 44 shares during the period. Ngam Advisors L.P. boosted its stake in Dover Corp. by 0.5% in the second quarter. Ngam Advisors L.P. now owns 12,291 shares of the company’s stock worth $852,000 after buying an additional 59 shares during the period. Phocas Financial Corp. boosted its stake in Dover Corp. by 0.6% in the first quarter. Phocas Financial Corp. now owns 13,496 shares of the company’s stock worth $868,000 after buying an additional 85 shares during the period. Finally, Peachtree Investment Advisors Inc. boosted its stake in Dover Corp. by 0.5% in the second quarter. Peachtree Investment Advisors Inc. now owns 20,180 shares of the company’s stock worth $1,399,000 after buying an additional 95 shares during the period. 85.59% of the stock is currently owned by institutional investors.
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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