Dover Corp. (DOV) Price Target Lowered to $72.00 at Citigroup Inc.
Dover Corp. (NYSE:DOV) had its target price cut by stock analysts at Citigroup Inc. from $76.00 to $72.00 in a research note issued on Tuesday. The brokerage presently has a “neutral” rating on the stock. Citigroup Inc.’s price target indicates a potential upside of 7.96% from the stock’s previous close.
A number of other brokerages have also commented on DOV. Zacks Investment Research lowered Dover Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Susquehanna assumed coverage on Dover Corp. in a research 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 set a $85.00 price objective on shares of Dover Corp. in a research report on Thursday, October 6th. Sanford C. Bernstein reissued an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Finally, Barclays PLC raised their price objective on Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company’s stock. Dover Corp. currently has a consensus rating of “Hold” and a consensus target price of $72.19.
Dover Corp. (NYSE:DOV) traded down 0.04% during trading on Tuesday, reaching $66.66. 1,685,134 shares of the company traded hands. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The company’s 50-day moving average price is $71.41 and its 200 day moving average price is $69.17. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 19.17 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates 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 earned $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the business earned $0.98 EPS. The business’s revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts expect that Dover Corp. will post $3.34 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.44 per share. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Monday, August 29th. Dover Corp.’s payout ratio is currently 50.29%.
In other news, CEO Robert Livingston sold 25,927 shares of Dover Corp. stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the transaction, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP William Spurgeon sold 17,170 shares of Dover Corp. stock in a transaction dated 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 $4,239,028.95. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of DOV. Mizuho Asset Management Co. Ltd. boosted 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 last quarter. Tower Research Capital LLC TRC bought a new position in Dover Corp. during the second quarter worth $143,000. Hallmark Capital Management Inc. bought a new position in Dover Corp. during the second quarter worth $149,000. Trust Department MB Financial Bank N A boosted its position in 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 during the last quarter. Finally, Farmers National Bank bought a new position in Dover Corp. during the second quarter worth $188,000. 85.59% of the stock is currently owned by hedge funds and other institutional investors.
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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