Dover Corp. (NYSE:DOV) – Oppenheimer Holdings decreased their FY2016 earnings estimates for shares of Dover Corp. in a research report issued to clients and investors on Monday. Oppenheimer Holdings analyst J. Giannakouros now expects that the firm will earn $2.89 per share for the year, down from their prior forecast of $3.24. Oppenheimer Holdings also issued estimates for Dover Corp.’s FY2017 earnings at $3.60 EPS.
DOV has been the topic of several other reports. 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. Zacks Investment Research cut shares of Dover Corp. from a “buy” rating to a “hold” rating in a report on Thursday, October 6th. Citigroup Inc. decreased their price target on shares of Dover Corp. from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Tuesday. Sanford C. Bernstein restated an “outperform” rating on shares of Dover Corp. in a report on Monday, June 27th. Finally, Bank of America Corp. restated a “buy” rating and set a $85.00 price target on shares of Dover Corp. in a report on Thursday, October 6th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $72.19.
Shares of Dover Corp. (NYSE:DOV) opened at 67.29 on Wednesday. The stock has a 50 day moving average of $71.00 and a 200 day moving average of $69.14. The firm has a market cap of $10.44 billion, a price-to-earnings ratio of 19.35 and a beta of 1.25. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90.
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 the consensus estimate of $0.85 by $0.09. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The business earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company earned $0.98 EPS. Dover Corp.’s revenue was down 4.1% on a year-over-year basis.
Hedge funds have recently made changes to their positions in the company. Capstone Asset Management Co. increased its stake in shares of Dover Corp. by 4.1% in the third quarter. Capstone Asset Management Co. now owns 14,982 shares of the company’s stock worth $1,103,000 after buying an additional 585 shares in the last quarter. British Columbia Investment Management Corp increased its stake in shares of Dover Corp. by 19.3% in the third quarter. British Columbia Investment Management Corp now owns 117,739 shares of the company’s stock worth $8,670,000 after buying an additional 19,084 shares in the last quarter. Reilly Herbert Faulkner III increased its stake in shares of Dover Corp. by 7.0% in the third quarter. Reilly Herbert Faulkner III now owns 40,336 shares of the company’s stock worth $2,970,000 after buying an additional 2,641 shares in the last quarter. Oliver Luxxe Assets LLC purchased a new stake in shares of Dover Corp. during the third quarter worth about $869,000. Finally, Peachtree Investment Advisors Inc. increased its stake in shares of Dover Corp. by 0.5% in the third quarter. Peachtree Investment Advisors Inc. now owns 20,280 shares of the company’s stock worth $1,493,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 85.59% of the company’s stock.
In other news, VP William Spurgeon sold 17,170 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were 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 owns 59,163 shares in the company, valued at approximately $4,239,028.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP C. Anderson Fincher sold 1,420 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total transaction 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 disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.62%. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is currently 50.29%.
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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