Dover Corp. Stock Rating Reaffirmed by Zacks (DOV)
Dover Corp. (NYSE:DOV)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Friday. They currently have a $70.00 price objective on the stock. Zacks‘s target price indicates a potential downside of 19.55% from the stock’s previous close.
Zacks’ analyst wrote, “We reiterate our Neutral recommendation on Dover Corporation with a target price of $70. The company’s fourth-quarter 2012 adjusted earnings were $1.09 per share, beating the Zacks Consensus Estimate of $1.07. Total revenues improved 6% year over year to $2 billion, in line with the Zacks Consensus Estimate. The improvement stemmed from organic growth of 2% and increase from acquisitions by 5%, partially offset by negative impacts of 1% from foreign currency. All the segments performed well in the quarter. Dover expects revenues to rise in the range of 7%-9% in 2013 and earnings to be in the band of $5.05-$5.35 per share for 2013.”
In other Dover Corp. news, VP Sivasankaran Somasundaram unloaded 4,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $86.81, for a total value of $347,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Dover Corp. (NYSE:DOV) traded up 1.16% on Friday, hitting $87.01. 514,728 shares of the company’s stock traded hands. 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 for the quarter, missing the analysts’ 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 last year, the company posted $1.10 earnings per share. Dover Corp.’s revenue was up 6.8% compared to the same quarter last year. 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. Shareholders 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.
Dover Corporation (NYSE:DOV) manufactures a range of specialized products and components and also offers related services and consumables.
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