Dover Corp. (DOV) Downgraded by Zacks Investment Research to Strong Sell
According to Zacks, “Dover trimmed its full-year 2016 EPS and revenue outlook on the back of generally weaker capital spending across several industrial end markets, continued weakness in longer cycle oil & gas exposed markets and persistent headwinds in its retail refrigeration business related to production inefficiencies. The company also expects the macro global economy to remain soft through the end of the year. Further, the Wayne buyout related investigation remains a matter of concern. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third quarter results. “
Several other research firms have also commented on DOV. Susquehanna began coverage on shares of Dover Corp. in a research report on Friday, October 7th. They set a neutral rating and a $77.00 price target for the company. Bank of America Corp. restated a buy rating and set a $85.00 price target on shares of Dover Corp. in a research report on Thursday, October 6th. Sanford C. Bernstein restated an outperform rating on shares of Dover Corp. in a research report on Monday, June 27th. Citigroup Inc. lowered their price target on shares of Dover Corp. from $76.00 to $72.00 and set a neutral rating for the company in a research report on Tuesday. Finally, Barclays PLC set a $68.00 price target on shares of Dover Corp. and gave the stock a hold rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Dover Corp. has a consensus rating of Hold and an average target price of $72.19.
Shares of Dover Corp. (NYSE:DOV) traded up 0.72% during mid-day trading on Thursday, hitting $67.12. 529,085 shares of the company traded hands. The firm has a 50-day moving average price of $70.80 and a 200 day moving average price of $69.12. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90. The firm has a market cap of $10.42 billion, a price-to-earnings ratio of 19.30 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 business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Dover Corp. will post $3.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.64%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, August 29th. Dover Corp.’s dividend payout ratio is currently 50.29%.
In related news, CEO Robert Livingston sold 25,927 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at $13,337,701.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP C. Anderson Fincher sold 1,420 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Advisors Inc. boosted its position in shares of Dover Corp. by 20.8% in the first quarter. Teachers Advisors Inc. now owns 257,778 shares of the company’s stock valued at $16,583,000 after buying an additional 44,337 shares during the period. Prudential Financial Inc. boosted its position in shares of Dover Corp. by 0.4% in the first quarter. Prudential Financial Inc. now owns 217,305 shares of the company’s stock valued at $13,979,000 after buying an additional 900 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 valued at $257,510,000 after buying an additional 16,700 shares during the period. ING Groep NV purchased a new position in shares of Dover Corp. during the first quarter valued at approximately $227,000. Finally, Aviva PLC boosted its position in shares of Dover Corp. by 1.0% in the first quarter. Aviva PLC now owns 79,853 shares of the company’s stock valued at $5,137,000 after buying an additional 817 shares during the period. 85.59% of the stock is 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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