Dover Corp. (DOV) Rating Increased to Buy at Zacks Investment Research
Dover Corp. (NYSE:DOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $81.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.55% from the company’s previous close.
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. “
Several other research analysts have also recently commented on the stock. Barclays PLC raised their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 18th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Dover Corp. in a report on Monday, June 27th. Citigroup Inc. raised their target price on shares of Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Wednesday, June 8th. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Dover Corp. in a report on Wednesday, June 8th. Finally, Robert W. Baird upgraded shares of Dover Corp. from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $66.00 to $86.00 in a report on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $71.67.
Dover Corp. (NYSE:DOV) traded up 1.42% during trading on Wednesday, hitting $73.64. 239,480 shares of the stock were exchanged. The stock’s 50-day moving average price is $71.70 and its 200-day moving average price is $68.99. The firm has a market cap of $11.43 billion, a PE ratio of 21.18 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 announced 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 firm earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities analysts expect that Dover Corp. will post $3.34 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.44 dividend. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, August 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.42%. Dover Corp.’s dividend payout ratio (DPR) is presently 50.29%.
In other news, VP C. Anderson Fincher sold 1,420 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total value of $104,256.40. Following the sale, the vice president now owns 40,326 shares in the company, valued at $2,960,734.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Paul Goldberg sold 1,800 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $72.13, for a total transaction 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 disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in DOV. PGGM Investments increased its stake 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 increased its stake in shares of 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 last quarter. Pictet Asset Management Ltd. increased its stake in shares of 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 last quarter. National Pension Service increased its stake in shares of 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 last quarter. Finally, Pzena Investment Management LLC increased its stake in shares of 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 last quarter. Institutional investors and hedge funds own 85.59% 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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