Dover Corp. (DOV) Releases Q3 Earnings Guidance
Dover Corp. (NYSE:DOV) updated its third quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.81-0.83 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.02. Dover Corp. also updated its FY16 guidance to $3.00-3.05 EPS.
Several brokerages have recently issued reports on DOV. Susquehanna assumed coverage on shares of Dover Corp. in a report on Friday. They issued a neutral rating and a $77.00 target price for the company. Bank of America Corp. restated a buy rating and set a $85.00 price objective on shares of Dover Corp. in a research report on Thursday. Zacks Investment Research downgraded shares of Dover Corp. from a buy rating to a hold rating in a research report on Thursday. 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 research report on Monday, July 18th. Finally, Sanford C. Bernstein restated an outperform rating on shares of Dover Corp. in a research report on Monday, June 27th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the stock. Dover Corp. presently has a consensus rating of Hold and an average price target of $72.63.
Dover Corp. (NYSE:DOV) opened at 72.24 on Monday. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The company has a 50-day moving average price of $71.63 and a 200-day moving average price of $69.10. The stock has a market cap of $11.21 billion, a PE ratio of 20.78 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last released its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The company earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company posted $0.98 EPS. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. Analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.44%. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is currently 50.29%.
In other Dover Corp. news, VP C. Anderson Fincher sold 1,420 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 40,326 shares in the company, valued at $2,960,734.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP William Spurgeon sold 17,170 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 59,163 shares of the company’s stock, valued at $4,239,028.95. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advantus Capital Management Inc increased its position in Dover Corp. by 0.8% in the second quarter. Advantus Capital Management Inc now owns 14,997 shares of the company’s stock worth $1,040,000 after buying an additional 115 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Dover Corp. by 2.0% in the second quarter. Mackenzie Financial Corp now owns 11,351 shares of the company’s stock valued at $787,000 after buying an additional 227 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Dover Corp. by 5.3% in the second quarter. Thrivent Financial for Lutherans now owns 4,770 shares of the company’s stock valued at $331,000 after buying an additional 240 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Dover Corp. by 10.4% in the second quarter. Pacer Advisors Inc. now owns 3,106 shares of the company’s stock valued at $215,000 after buying an additional 292 shares during the last quarter. Finally, Veritable L.P. boosted its stake in Dover Corp. by 11.3% in the second quarter. Veritable L.P. now owns 4,044 shares of the company’s stock valued at $280,000 after buying an additional 410 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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