Dover Corp. Upgraded to “Outperform” by Credit Suisse (DOV)
Dover Corp. (NYSE:DOV) was upgraded by equities researchers at Credit Suisse from a “neutral” rating to an “outperform” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $93.00 price objective on the stock, up from their previous price objective of $81.00. Credit Suisse’s target price points to a potential upside of 9.32% from the stock’s previous close.
A number of other firms have also recently commented on DOV. Analysts at Jefferies Group cut their price target on shares of Dover Corp. to $49.00 in a research note on Friday, March 21st. They now have a “hold” rating on the stock. Separately, analysts at Goldman Sachs initiated coverage on shares of Dover Corp. in a research note on Friday, March 21st. They set a “neutral” rating on the stock. Finally, analysts at JPMorgan Chase & Co. cut their price target on shares of Dover Corp. from $98.00 to $89.00 in a research note on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $88.77.
Shares of Dover Corp. (NYSE:DOV) traded down 1.88% during mid-day trading on Wednesday, hitting $85.07. The stock had a trading volume of 818,415 shares. Dover Corp. has a one year low of $62.722 and a one year high of $87.39. The stock has a 50-day moving average of $84.79 and a 200-day moving average of $78.81. The company has a market cap of $14.163 billion and a price-to-earnings ratio of 15.70.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings results on Thursday, April 17th. The company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by $0.02. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts expect that Dover Corp. will post $4.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Wednesday, May 28th.
In other Dover Corp. news, VP Sivasankaran Somasundaram sold 4,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $86.81, for a total transaction of $347,240.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Dover Corporation (NYSE:DOV) manufactures a range of specialized products and components and also offers related services and consumables.
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