Dover Corporation (DOV) Receives “Buy” Rating from BMO Capital Markets
BMO Capital Markets restated their buy rating on shares of Dover Corporation (NYSE:DOV) in a report issued on Sunday. The firm currently has a $94.00 price target on the industrial products company’s stock.
DOV has been the subject of several other research reports. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Dover Corporation in a report on Wednesday, June 7th. BidaskClub raised Dover Corporation from a hold rating to a buy rating in a report on Thursday, July 6th. Bank of America Corporation lifted their price objective on Dover Corporation from $90.00 to $95.00 and gave the stock a buy rating in a report on Friday, June 9th. Seaport Global Securities lowered Dover Corporation from a buy rating to a neutral rating and decreased their price objective for the stock from $91.00 to $86.00 in a report on Wednesday, June 21st. Finally, Zacks Investment Research lowered Dover Corporation from a buy rating to a hold rating in a report on Monday, July 31st. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $89.00.
Dover Corporation (DOV) traded up 0.39% during mid-day trading on Friday, hitting $85.60. 46,143 shares of the company traded hands. Dover Corporation has a one year low of $65.50 and a one year high of $87.63. The stock has a market capitalization of $13.33 billion, a price-to-earnings ratio of 21.40 and a beta of 1.27. The company’s 50-day moving average is $84.57 and its 200-day moving average is $81.34.
Dover Corporation (NYSE:DOV) last announced its earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.03. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the firm posted $0.76 EPS. The business’s revenue was up 18.2% compared to the same quarter last year. Analysts predict that Dover Corporation will post $4.31 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Tuesday, August 29th. This is a positive change from Dover Corporation’s previous quarterly dividend of $0.44. Dover Corporation’s payout ratio is presently 44.11%.
In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of Dover Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the completion of the transaction, the director now owns 275,344 shares of the company’s stock, valued at approximately $23,965,941.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of DOV. Vanguard Group Inc. increased its stake in shares of Dover Corporation by 2.3% in the second quarter. Vanguard Group Inc. now owns 16,549,433 shares of the industrial products company’s stock worth $1,327,596,000 after buying an additional 370,572 shares during the period. BlackRock Inc. increased its stake in shares of Dover Corporation by 3.9% in the second quarter. BlackRock Inc. now owns 10,314,301 shares of the industrial products company’s stock worth $827,412,000 after buying an additional 389,449 shares during the period. Bank of America Corp DE increased its stake in shares of Dover Corporation by 9.4% in the first quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock worth $517,953,000 after buying an additional 553,136 shares during the period. Pzena Investment Management LLC increased its stake in shares of Dover Corporation by 0.3% in the second quarter. Pzena Investment Management LLC now owns 5,599,307 shares of the industrial products company’s stock worth $449,176,000 after buying an additional 17,738 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Dover Corporation by 11.5% in the second quarter. JPMorgan Chase & Co. now owns 4,962,208 shares of the industrial products company’s stock worth $398,069,000 after buying an additional 511,469 shares during the period. Hedge funds and other institutional investors own 86.06% of the company’s stock.
About Dover Corporation
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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