Dover Corp. (NYSE:DOV) – Analysts at Oppenheimer Holdings dropped their FY2016 EPS estimates for shares of Dover Corp. in a report released on Monday. Oppenheimer Holdings analyst J. Giannakouros now expects that the brokerage will post earnings per share of $2.89 for the year, down from their prior estimate of $3.24. Oppenheimer Holdings also issued estimates for Dover Corp.’s FY2017 earnings at $3.60 EPS.
Dover Corp. (NYSE:DOV) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.09. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 earnings per share.
A number of other research firms have also weighed in on DOV. Zacks Investment Research lowered Dover Corp. from a “hold” rating to a “strong sell” rating in a report on Thursday. Susquehanna initiated coverage on Dover Corp. in a report on Friday, October 7th. They set a “neutral” rating and a $77.00 target price on the stock. Bank of America Corp. reissued a “buy” rating and set a $85.00 target price on shares of Dover Corp. in a report on Thursday, October 6th. Sanford C. Bernstein reissued an “outperform” rating on shares of Dover Corp. in a report on Monday, June 27th. Finally, Citigroup Inc. decreased their target price on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $72.19.
Dover Corp. (NYSE:DOV) opened at 66.64 on Wednesday. The company has a 50 day moving average price of $70.80 and a 200-day moving average price of $69.12. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90. The company has a market capitalization of $10.34 billion, a PE ratio of 19.17 and a beta of 1.25.
The company also recently announced 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 is an increase from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.64%. Dover Corp.’s dividend payout ratio (DPR) is currently 50.29%.
In other Dover Corp. news, CEO Robert Livingston sold 25,927 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 192,630 shares in the company, valued at $13,337,701.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP C. Anderson Fincher sold 1,420 shares of the stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total value of $104,256.40. Following the completion of the transaction, the vice president now owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of DOV. Capstone Asset Management Co. increased its position 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 during the period. British Columbia Investment Management Corp increased its position 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 during the period. Reilly Herbert Faulkner III increased its position 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 during the period. Oliver Luxxe Assets LLC bought a new position in shares of Dover Corp. during the third quarter worth about $869,000. Finally, Peachtree Investment Advisors Inc. increased its position 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 during the period. Institutional investors own 85.59% of the company’s stock.
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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