Dover Corp. (DOV) Issues FY16 Earnings Guidance
Dover Corp. (NYSE:DOV) updated its FY16 earnings guidance on Wednesday. The company provided EPS guidance of $3.00-3.05 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.95.
A number of equities research analysts have weighed in on the company. Barclays PLC lifted their price objective on Dover Corp. from $65.00 to $71.00 and gave the company an equal weight rating in a report on Monday, July 18th. Zacks Investment Research raised Dover Corp. from a hold rating to a buy rating and set a $81.00 price objective on the stock in a report on Wednesday, October 5th. Susquehanna assumed coverage on Dover Corp. in a report on Friday, October 7th. They set a neutral rating and a $77.00 price objective on the stock. Citigroup Inc. decreased their price objective on Dover Corp. from $76.00 to $72.00 and set a neutral rating on the stock in a report on Tuesday, October 11th. Finally, Sanford C. Bernstein reiterated an outperform rating on shares of Dover Corp. in a research note on Monday, June 27th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $72.19.
Shares of Dover Corp. (NYSE:DOV) opened at 67.54 on Wednesday. The company has a market capitalization of $10.48 billion, a PE ratio of 19.42 and a beta of 1.25. The stock has a 50 day moving average of $70.29 and a 200-day moving average of $69.26. Dover Corp. has a one year low of $50.91 and a one year high of $74.90.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings results on Wednesday, October 19th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.01. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The firm earned $1.71 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the firm posted $1.14 earnings per share. The business’s revenue was down 4.5% compared to the same quarter last year. On average, equities analysts forecast that Dover Corp. will post $3.34 earnings per share for the current fiscal year.
In other Dover Corp. news, CEO Robert Livingston sold 25,927 shares of Dover Corp. stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the sale, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at $13,337,701.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP William Spurgeon sold 17,170 shares of Dover Corp. stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the completion of the sale, the vice president now directly owns 59,163 shares of the company’s stock, valued at $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Advisor Partners LLC bought a new stake in Dover Corp. during the second quarter valued at $201,000. Bank of Nova Scotia acquired a new position in shares of Dover Corp. during the second quarter worth about $214,000. Pacer Advisors Inc. boosted its position in shares of Dover Corp. by 10.4% in the second quarter. Pacer Advisors Inc. now owns 3,106 shares of the company’s stock worth $215,000 after buying an additional 292 shares in the last quarter. Veritable L.P. boosted its position in shares of Dover Corp. by 11.3% in the second quarter. Veritable L.P. now owns 4,044 shares of the company’s stock worth $280,000 after buying an additional 410 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Dover Corp. by 27.2% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,298 shares of the company’s stock worth $298,000 after buying an additional 920 shares in the last quarter. 85.56% 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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