According to Zacks, “Dover trimmed its full-year 2016 EPS and revenue outlook on the back of generally weaker capital spending across several industrial end markets, continued weakness in longer cycle oil & gas exposed markets and persistent headwinds in its retail refrigeration business related to production inefficiencies. The company also expects the macro global economy to remain soft through the end of the year. Further, the Wayne buyout related investigation remains a matter of concern. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third quarter results. “
DOV has been the topic of several other reports. Bank of America Corp. reiterated a buy rating and set a $85.00 target price on shares of Dover Corp. in a research report on Thursday, October 6th. Sanford C. Bernstein reiterated an outperform rating on shares of Dover Corp. in a research report on Monday, June 27th. Citigroup Inc. cut their target price on shares of Dover Corp. from $76.00 to $72.00 and set a neutral rating on the stock in a research report on Tuesday, October 11th. Susquehanna started coverage on shares of Dover Corp. in a research report on Friday, October 7th. They issued a neutral rating and a $77.00 price target on the stock. Finally, Barclays PLC set a $68.00 price target on shares of Dover Corp. and gave the stock a hold rating in a research report on Tuesday, October 11th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. Dover Corp. presently has a consensus rating of Hold and a consensus price target of $72.19.
Shares of Dover Corp. (NYSE:DOV) opened at 67.62 on Thursday. The company has a market cap of $10.50 billion, a P/E ratio of 19.45 and a beta of 1.25. Dover Corp. has a 12 month low of $50.91 and a 12 month high of $74.90. The stock’s 50 day moving average is $70.46 and its 200 day moving average is $69.24.
Dover Corp. (NYSE:DOV) last posted its earnings results on Thursday, July 21st. The company reported $0.76 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 had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. On average, analysts anticipate that Dover Corp. will post $3.34 EPS for the current fiscal year.
In other news, VP Paul Goldberg sold 1,800 shares of the company’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $72.13, for a total value of $129,834.00. Following the completion of the sale, the vice president now owns 11,778 shares in the company, valued at approximately $849,547.14. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of 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. 2.60% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Mizuho Asset Management Co. Ltd. increased its position in shares of Dover Corp. by 65.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,038 shares of the company’s stock worth $141,000 after buying an additional 803 shares during the period. Tower Research Capital LLC TRC bought a new position in shares of Dover Corp. during the second quarter worth $143,000. Hallmark Capital Management Inc. bought a new position in shares of Dover Corp. during the second quarter worth $149,000. Trust Department MB Financial Bank N A increased its position in shares of Dover Corp. by 67.0% in the second quarter. Trust Department MB Financial Bank N A now owns 2,567 shares of the company’s stock worth $180,000 after buying an additional 1,030 shares during the period. Finally, Farmers National Bank bought a new position in shares of Dover Corp. during the second quarter worth $188,000. Hedge funds and other institutional investors own 85.56% 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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