Bank of America Corp. reissued their buy rating on shares of Dover Corp. (NYSE:DOV) in a research report sent to investors on Thursday. Bank of America Corp. currently has a $85.00 price target on the stock.
Other research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Dover Corp. from a hold rating to a buy rating and set a $81.00 target price on the stock in a research report on Wednesday, October 5th. Barclays PLC lifted their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 18th. Oppenheimer Holdings Inc. reaffirmed a hold rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Citigroup Inc. boosted their price objective on shares of Dover Corp. from $70.00 to $76.00 and gave the company a neutral rating in a research report on Wednesday, June 8th. Finally, Sanford C. Bernstein raised shares of Dover Corp. from a market perform rating to an outperform rating and boosted their price objective for the company from $75.00 to $87.00 in a research report on Friday, June 10th. 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. The company currently has a consensus rating of Hold and a consensus target price of $72.19.
Dover Corp. (NYSE:DOV) opened at 66.91 on Thursday. The stock has a market capitalization of $10.39 billion, a PE ratio of 19.24 and a beta of 1.25. Dover Corp. has a one year low of $50.91 and a one year high of $74.90. The firm has a 50-day moving average of $71.20 and a 200-day moving average of $69.15.
Dover Corp. (NYSE:DOV) last released its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.85 by $0.09. The firm earned $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The business’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the business earned $0.98 earnings per share. On average, equities research analysts forecast that Dover Corp. will post $3.34 earnings per share for the current year.
The business also recently announced 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 is a boost from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.63%. The ex-dividend date was Monday, August 29th. Dover Corp.’s dividend payout ratio is presently 50.29%.
In related news, VP C. Anderson Fincher sold 1,420 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total transaction of $104,256.40. Following the completion of the transaction, the vice president now directly owns 40,326 shares in the company, valued at approximately $2,960,734.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert Livingston sold 25,927 shares of the company’s stock in a transaction on 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 owns 192,630 shares of the company’s stock, valued at $13,337,701.20. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. PGGM Investments boosted its position in shares of Dover Corp. by 12.0% in the second quarter. PGGM Investments now owns 588,341 shares of the company’s stock worth $40,784,000 after buying an additional 63,049 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Dover Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,269,848 shares of the company’s stock worth $81,526,000 after buying an additional 23,865 shares in the last quarter. Pictet Asset Management Ltd. boosted its position in shares of Dover Corp. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 89,544 shares of the company’s stock worth $5,443,000 after buying an additional 2,600 shares in the last quarter. National Pension Service boosted its position in shares of Dover Corp. by 4.4% in the first quarter. National Pension Service now owns 114,897 shares of the company’s stock worth $7,391,000 after buying an additional 4,883 shares in the last quarter. Finally, Pzena Investment Management LLC boosted its position in shares of Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock worth $429,382,000 after buying an additional 59,245 shares in the last quarter. Hedge funds and other institutional investors 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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