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. “
Other equities analysts have also issued reports about the company. 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 report on Monday, July 18th. Sanford C. Bernstein restated an outperform rating on shares of Dover Corp. in a report on Monday, June 27th. Citigroup Inc. raised their target price on Dover Corp. from $70.00 to $76.00 and gave the company a neutral rating in a report on Wednesday, June 8th. Oppenheimer Holdings Inc. restated a hold rating on shares of Dover Corp. in a report on Wednesday, June 8th. Finally, Robert W. Baird upgraded Dover Corp. from a neutral rating to an outperform rating and raised their target price for the company from $66.00 to $86.00 in a report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. Dover Corp. presently has a consensus rating of Hold and an average target price of $72.63.
Dover Corp. (NYSE:DOV) opened at 66.69 on Wednesday. The firm’s 50-day moving average price is $71.41 and its 200-day moving average price is $69.17. The company has a market cap of $10.35 billion, a P/E ratio of 19.18 and a beta of 1.25. Dover Corp. has a 12-month low of $50.91 and a 12-month 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 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 firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.44 dividend. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Monday, August 29th. Dover Corp.’s payout ratio is presently 50.29%.
In other news, CEO Robert Livingston sold 25,927 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total value of $1,795,185.48. Following the transaction, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William Spurgeon sold 17,170 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $71.65, for a total value of $1,230,230.50. Following the completion of the transaction, the vice president now directly owns 59,163 shares in the company, valued at $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. PGGM Investments increased 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 valued at $40,784,000 after buying an additional 63,049 shares during the last quarter. Geode Capital Management LLC boosted its position in Dover Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,269,848 shares of the company’s stock valued at $81,526,000 after buying an additional 23,865 shares during the period. Pictet Asset Management Ltd. boosted its position in Dover Corp. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 89,544 shares of the company’s stock valued at $5,443,000 after buying an additional 2,600 shares during the period. National Pension Service boosted its position in Dover Corp. by 4.4% in the first quarter. National Pension Service now owns 114,897 shares of the company’s stock valued at $7,391,000 after buying an additional 4,883 shares during the period. Finally, Pzena Investment Management LLC boosted its position in Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock valued at $429,382,000 after buying an additional 59,245 shares during the period. 85.59% of the stock is currently owned by institutional investors and hedge funds.
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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