Dover Corp.’s “Neutral” Rating Reaffirmed at Credit Suisse (DOV)
Dover Corp. (NYSE:DOV)‘s stock had its “neutral” rating reiterated by analysts at Credit Suisse in a research report issued to clients and investors on Thursday. They currently have a $68.00 target price on the stock, up from their previous target price of $65.00. Credit Suisse’s price objective would suggest a potential downside of 21.85% from the company’s current price.
The analysts wrote, “We think the risk / reward now appears more attractive, but retain our Neutral rating given: (1) Uncertainty surrounding short-cycle pick-up…For 2 months, we have been concerned regarding consensus expectations for a major 2H re-acceleration in short-cycle industrial / consumer demand (hence our downgrade of ROK, and sector estimate cuts in our earnings preview); these results did little to dispel that concern. In P&ID, we note that y-o-y comparisons do not become much easier throughout the year (100bps easier relative to Q112), and most of the business is non-US, where the demand outlook is highly uncertain. For ES, two thirds of sales are Industrial / Fluids, where there is little evidence of an imminent rebound. (2) ….And Sound Solutions: Our forecasts embed a 70% pick-up in Comm Tech EBIT from Q113 to Q413, and the volatility of margins in CT (11.9% in Q113 vs 19.9% in Q310) makes us think this assumption is not overly conservative.”
In other Dover Corp. news, VP Sivasankaran Somasundaram unloaded 4,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $86.81, for a total transaction of $347,240.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Dover Corp. (NYSE:DOV) traded up 1.16% on Thursday, hitting $87.01. 514,728 shares of the company’s stock traded hands. 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 $85.06 and a 200-day moving average of $79.04. The company has a market cap of $14.486 billion and a price-to-earnings ratio of 15.57.
Dover Corp. (NYSE:DOV) last released its earnings data on Thursday, April 17th. The company reported $1.01 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $1.10 earnings per share. The company’s quarterly revenue 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 1.72%. The ex-dividend date of this dividend is Wednesday, May 28th.
Dover Corporation (NYSE:DOV) manufactures a range of specialized products and components and also offers related services and consumables.
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