Dover Corp. Stock Rating Reaffirmed by BMO Capital Markets (DOV)
Dover Corp. (NYSE:DOV)‘s stock had its “outperform” rating reaffirmed by investment analysts at BMO Capital Markets in a note issued to investors on Wednesday. They currently have a $75.00 price objective on the stock, up from their previous price objective of $72.00. BMO Capital Markets’ target price points to a potential downside of 13.80% from the stock’s previous close.
The analysts wrote, “DOV trades at 7.5x our estimated CY2013 EBITDA estimate of $1,752 million and at 6.9x our estimated CY2014 EBITDA estimate of $1,909 million. On an EV/EBITDA basis, we assume Dover can trade at 8.5x our CY2013 EBITDA estimate and 8.0x our CY2014 EBITDA estimate. We rate Dover Corporation shares Outperform owing to long-term strength in refrigeration, handsets, and energy.”
Dover Corp. (NYSE:DOV) traded up 1.16% on Wednesday, hitting $87.01. The stock had a trading volume of 514,728 shares. Dover Corp. has a 52-week low of $62.722 and a 52-week high of $87.39. The stock’s 50-day moving average is $85.06 and its 200-day moving average is $79.04. The company has a market cap of $14.486 billion and a P/E ratio of 15.57.
Dover Corp. (NYSE:DOV) last announced its 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. On average, analysts predict that Dover Corp. will post $4.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 1.72%. The ex-dividend date 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 dated Tuesday, May 13th. The stock was sold at an average price of $86.81, for a total transaction of $347,240.00. The sale 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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