Dover Corporation (DOV) Reaches New 52-Week High on Analyst Upgrade
Shares of Dover Corporation (NYSE:DOV) hit a new 52-week high on Tuesday after J P Morgan Chase & Co upgraded the stock from a neutral rating to an overweight rating. J P Morgan Chase & Co now has a $105.00 price target on the stock, up from their previous price target of $80.00. Dover Corporation traded as high as $92.79 and last traded at $92.79, with a volume of 182,023 shares trading hands. The stock had previously closed at $92.49.
A number of other equities research analysts also recently commented on the stock. Robert W. Baird set a $91.00 price objective on shares of Dover Corporation and gave the company a “buy” rating in a research report on Thursday, August 24th. BMO Capital Markets reaffirmed a “buy” rating and issued a $94.00 price objective on shares of Dover Corporation in a report on Sunday, August 27th. Zacks Investment Research upgraded Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research report on Tuesday, July 18th. Citigroup Inc. boosted their target price on Dover Corporation from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $91.00 target price on shares of Dover Corporation in a research report on Wednesday, September 6th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $91.85.
In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the sale, the director now directly owns 275,344 shares of the company’s stock, valued at approximately $23,965,941.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.50% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of DOV. Vanguard Group Inc. boosted its position in Dover Corporation by 2.3% during 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 acquiring an additional 370,572 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Dover Corporation by 3.9% during the second quarter. BlackRock Inc. now owns 10,314,301 shares of the industrial products company’s stock worth $827,412,000 after purchasing an additional 389,449 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Dover Corporation by 9.4% during 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 purchasing an additional 553,136 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in shares of Dover Corporation by 0.3% during 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 purchasing an additional 17,738 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Dover Corporation by 11.5% during the second quarter. JPMorgan Chase & Co. now owns 4,962,208 shares of the industrial products company’s stock worth $398,069,000 after purchasing an additional 511,469 shares during the last quarter. 86.01% of the stock is owned by institutional investors and hedge funds.
The company’s 50 day moving average price is $87.85 and its 200 day moving average price is $83.19. The firm has a market capitalization of $14.49 billion, a price-to-earnings ratio of 23.26 and a beta of 1.27.
Dover Corporation (NYSE:DOV) last released its quarterly earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.03. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the previous year, the business earned $0.76 earnings per share. The firm’s revenue was up 18.2% compared to the same quarter last year. On average, analysts expect that Dover Corporation will post $4.29 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a $0.47 dividend. This is a positive change from Dover Corporation’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.88 dividend on an annualized basis and a yield of 2.02%. Dover Corporation’s dividend payout ratio (DPR) is currently 47.12%.
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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