Bank of America Corp. Reiterates Buy Rating for Dover Corp. (DOV)
Dover Corp. (NYSE:DOV)‘s stock had its “buy” rating restated by investment analysts at Bank of America Corp. in a research note issued to investors on Thursday. They presently have a $85.00 price objective on the stock. Bank of America Corp.’s target price would suggest a potential upside of 15.36% from the stock’s current price.
DOV has been the subject of a number of other research reports. Barclays PLC boosted their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Citigroup Inc. boosted their target price on shares of Dover Corp. from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Wednesday, June 8th. Zacks Investment Research cut shares of Dover Corp. from a “buy” rating to a “hold” rating in a research report on Thursday. Sanford C. Bernstein raised shares of Dover Corp. from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $75.00 to $87.00 in a research report on Friday, June 10th. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Dover Corp. in a research report on Wednesday, June 8th. One equities research analyst has 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 an average target price of $72.33.
Dover Corp. (NYSE:DOV) traded up 0.01% during midday trading on Thursday, hitting $73.69. 868,362 shares of the stock traded hands. The stock has a market cap of $11.44 billion, a PE ratio of 21.19 and a beta of 1.25. The company has a 50-day moving average of $71.69 and a 200-day moving average of $69.03. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90.
Dover Corp. (NYSE:DOV) last announced its earnings results 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 business earned $1.69 billion during 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 company’s revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 EPS. On average, equities analysts expect that Dover Corp. will post $3.34 EPS for the current fiscal year.
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 dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.39%. 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. Dover Corp.’s dividend payout ratio is currently 50.29%.
In other Dover Corp. news, VP William Spurgeon sold 17,170 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $71.65, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP C. Anderson Fincher sold 1,420 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total value of $104,256.40. Following the transaction, the vice president now owns 40,326 shares in the company, valued at $2,960,734.92. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Mizuho Asset Management Co. Ltd. boosted 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 in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Dover Corp. during the second quarter worth about $143,000. Hallmark Capital Management Inc. purchased a new position in shares of Dover Corp. during the second quarter worth about $149,000. Trust Department MB Financial Bank N A boosted 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 in the last quarter. Finally, Farmers National Bank purchased a new position in shares of Dover Corp. during the second quarter worth about $188,000. Hedge funds and other 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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