Dover Corp. (DOV) Updates FY16 Earnings Guidance
Dover Corp. (NYSE:DOV) updated its FY16 earnings guidance on Monday. The company provided earnings per share guidance of $3.00-3.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.28. Dover Corp. also updated its Q3 guidance to $0.81-0.83 EPS.
A number of brokerages have issued reports on DOV. Susquehanna began coverage on shares of Dover Corp. in a report on Friday. They set a neutral rating and a $77.00 price objective for the company. Bank of America Corp. reissued a buy rating and issued a $85.00 target price on shares of Dover Corp. in a report on Thursday. Zacks Investment Research lowered shares of Dover Corp. from a buy rating to a hold rating in a report on Thursday. Barclays PLC raised their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the company an equal weight rating in a 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 investment analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $72.63.
Dover Corp. (NYSE:DOV) opened at 72.24 on Monday. The firm has a market capitalization of $11.21 billion, a P/E ratio of 20.78 and a beta of 1.25. The firm has a 50-day moving average price of $71.63 and a 200-day moving average price of $69.10. Dover Corp. has a one year low of $50.91 and a one year high of $74.90.
Dover Corp. (NYSE:DOV) last issued 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 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 period last year, the business posted $0.98 EPS. Dover Corp.’s revenue was down 4.1% on a year-over-year basis. Equities analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current year.
The firm also recently announced 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. This represents a $1.76 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Monday, August 29th. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is 50.29%.
In other news, VP C. Anderson Fincher sold 1,420 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total transaction of $104,256.40. Following the sale, the vice president now owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP William Spurgeon sold 17,170 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $71.65, for a total value of $1,230,230.50. Following the sale, the vice president now directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Several large investors have recently modified their holdings of DOV. Atlantic Trust Group LLC acquired a new stake in shares of Dover Corp. during the second quarter valued at $923,000. Canada Pension Plan Investment Board increased its position in Dover Corp. by 9.8% in the second quarter. Canada Pension Plan Investment Board now owns 15,712 shares of the company’s stock worth $1,089,000 after buying an additional 1,400 shares in the last quarter. HighTower Advisors LLC increased its position in Dover Corp. by 19.2% in the second quarter. HighTower Advisors LLC now owns 20,098 shares of the company’s stock worth $1,399,000 after buying an additional 3,238 shares in the last quarter. Advisor Partners LLC purchased a new position in Dover Corp. during the second quarter worth about $201,000. Finally, Tredje AP fonden increased its position in Dover Corp. by 1,572.6% in the second quarter. Tredje AP fonden now owns 14,552 shares of the company’s stock worth $1,009,000 after buying an additional 13,682 shares in the last quarter. 85.59% of the stock is currently owned by institutional investors and hedge funds.
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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