Dover Corp. (NYSE:DOV) updated its third quarter earnings guidance on Monday. The company provided EPS guidance of $0.81-0.83 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.02. Dover Corp. also updated its FY16 guidance to $3.00-3.05 EPS.
Several equities research analysts have issued reports on the company. Barclays PLC set a $68.00 price target on Dover Corp. and gave the company a hold rating in a report on Tuesday. Citigroup Inc. cut their price target on Dover Corp. from $76.00 to $72.00 and set a neutral rating for the company in a report on Tuesday. Zacks Investment Research raised Dover Corp. from a hold rating to a buy rating and set a $81.00 price target for the company in a report on Wednesday, October 5th. Susquehanna assumed coverage on Dover Corp. in a report on Friday, October 7th. They set a neutral rating and a $77.00 price target for the company. Finally, Bank of America Corp. reaffirmed a buy rating and set a $85.00 price target on shares of Dover Corp. in a report on Thursday, October 6th. 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’s stock. Dover Corp. presently has an average rating of Hold and an average price target of $72.19.
Dover Corp. (NYSE:DOV) opened at 66.91 on Wednesday. The company has a market cap of $10.39 billion, a PE ratio of 19.24 and a beta of 1.25. The firm has a 50-day moving average price of $71.20 and a 200-day moving average price of $69.15. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $1.71 billion. During the same period in the prior year, the firm posted $0.98 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, analysts forecast that Dover Corp. will post $3.34 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a $0.44 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 annualized dividend and a yield of 2.63%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s payout ratio is currently 50.29%.
In other news, VP C. Anderson Fincher sold 1,420 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William Spurgeon sold 17,170 shares of the company’s stock in a transaction on 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 directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of DOV. Atlantic Trust Group LLC purchased a new position in shares of Dover Corp. during the second quarter worth approximately $923,000. Canada Pension Plan Investment Board boosted its position in shares of Dover Corp. by 9.8% in the second quarter. Canada Pension Plan Investment Board now owns 15,712 shares of the company’s stock worth $1,089,000 after buying an additional 1,400 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Dover Corp. by 19.2% in the second quarter. HighTower Advisors LLC now owns 20,098 shares of the company’s stock worth $1,399,000 after buying an additional 3,238 shares in the last quarter. Advisor Partners LLC purchased a new position in shares of Dover Corp. during the second quarter worth approximately $201,000. Finally, Tredje AP fonden boosted its position in shares of Dover Corp. by 1,572.6% in the second quarter. Tredje AP fonden now owns 14,552 shares of the company’s stock worth $1,009,000 after buying an additional 13,682 shares in the last quarter. 85.59% of the stock is currently owned by hedge funds and other 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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