Research Analysts Set Expectations for Dover Corp.’s Q3 2016 Earnings (DOV)
Dover Corp. (NYSE:DOV) – Equities research analysts at Oppenheimer Holdings decreased their Q3 2016 earnings per share estimates for Dover Corp. in a research report issued to clients and investors on Monday. Oppenheimer Holdings analyst J. Giannakouros now expects that the brokerage will post earnings of $0.81 per share for the quarter, down from their prior estimate of $1.00. Oppenheimer Holdings also issued estimates for Dover Corp.’s Q4 2016 earnings at $0.80 EPS.
Dover Corp. (NYSE:DOV) last issued 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. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The firm earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Dover Corp.’s quarterly revenue was down 4.1% compared to the same quarter last year.
A number of other analysts have also recently issued reports on DOV. Bank of America Corp. reissued a “buy” rating and set a $85.00 target price on shares of Dover Corp. in a research note on Thursday, October 6th. Zacks Investment Research cut Dover Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, September 21st. Susquehanna assumed coverage on Dover Corp. in a research note on Friday, October 7th. They set a “neutral” rating and a $77.00 target price for the company. Barclays PLC increased their target price on Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 18th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of Dover Corp. in a research note on Monday, June 27th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. Dover Corp. currently has a consensus rating of “Hold” and an average price target of $72.19.
Shares of Dover Corp. (NYSE:DOV) opened at 67.29 on Tuesday. The firm has a market capitalization of $10.44 billion, a PE ratio of 19.35 and a beta of 1.25. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The stock has a 50 day moving average of $71.00 and a 200-day moving average of $69.14.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock worth $1,008,965,000 after buying an additional 393,727 shares in the last quarter. Pzena Investment Management LLC increased its stake in Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock worth $429,382,000 after buying an additional 59,245 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Dover Corp. by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,002,956 shares of the company’s stock worth $257,510,000 after buying an additional 16,700 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock worth $226,877,000 after buying an additional 580,562 shares in the last quarter. Finally, BlackRock Fund Advisors increased its stake in Dover Corp. by 1.2% in the second quarter. BlackRock Fund Advisors now owns 2,460,830 shares of the company’s stock worth $170,585,000 after buying an additional 30,342 shares in the last quarter. 85.59% of the stock is owned by institutional investors.
In other news, VP C. Anderson Fincher sold 1,420 shares of Dover Corp. stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total transaction of $104,256.40. Following the completion of the sale, the vice president now owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Livingston sold 25,927 shares of Dover Corp. stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total value of $1,795,185.48. Following the sale, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a dividend of $0.44 per share. The ex-dividend date was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.62%. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is currently 50.29%.
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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