Dover Corp. (DOV) Lowered to Hold at Zacks Investment Research
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. 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. Nevertheless, the company narrowed its 2016 earnings per share guidance range to $3.42–$3.52. It also expects full-year revenue to dip 3%–5%. The guidance cut came on the back of delay in project timing & persistent softness in oil and gas related markets. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third quarter results. “
Other equities research analysts have also recently issued research reports about the stock. Barclays PLC upped their price objective 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 upgraded shares of Dover Corp. from a market perform rating to an outperform rating and increased their price target for the company from $75.00 to $87.00 in a report on Friday, June 10th. Robert W. Baird upgraded shares of Dover Corp. from a neutral rating to an outperform rating and increased their price target for the company from $66.00 to $86.00 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, Citigroup Inc. increased their price target on shares of Dover Corp. from $70.00 to $76.00 and gave the company a neutral rating in a report on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $72.33.
Shares of Dover Corp. (NYSE:DOV) traded down 2.66% during midday trading on Thursday, reaching $71.73. 552,771 shares of the company’s stock were exchanged. Dover Corp. has a one year low of $50.91 and a one year high of $74.90. The stock has a market cap of $11.13 billion, a price-to-earnings ratio of 20.63 and a beta of 1.25. The firm has a 50 day moving average of $71.68 and a 200-day moving average of $69.06.
Dover Corp. (NYSE:DOV) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share 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 analysts’ expectations of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. Dover Corp.’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 EPS. On average, equities research analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.39%. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, August 29th. Dover Corp.’s dividend payout ratio (DPR) is 50.29%.
In related news, VP William Spurgeon sold 17,170 shares of Dover Corp. 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Goldberg sold 1,800 shares of Dover Corp. stock in a transaction on Friday, August 5th. The shares were sold at an average price of $72.13, for a total transaction of $129,834.00. Following the completion of the transaction, the vice president now owns 11,778 shares in the company, valued at $849,547.14. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of DOV. Mizuho Asset Management Co. Ltd. raised its position in 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 stake in shares of Dover Corp. during the second quarter valued at approximately $143,000. Hallmark Capital Management Inc. bought a new stake in shares of Dover Corp. during the second quarter valued at approximately $149,000. Feltz Wealth PLAN Inc. bought a new stake in shares of Dover Corp. during the second quarter valued at approximately $150,000. Finally, Trust Department MB Financial Bank N A raised its stake 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 valued at $180,000 after buying an additional 1,030 shares during the last quarter. Hedge funds and other institutional investors 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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