Dover Corp. Stock Rating Upgraded by Morgan Stanley (DOV)
Dover Corp. (NYSE:DOV) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday. The firm currently has a $79.00 price objective on the stock, up from their previous price objective of $74.00. Morgan Stanley’s price objective suggests a potential downside of 9.21% from the company’s current price.
The analysts wrote, “Although DOV has provided the most optimistic core growth outlook in the group, consensus does not look overly aggressive. Investors have highlighted that the 3-5% core growth outlook for 2013 is toward the high-end of the sector average (1-5%). However, DOV is expected to exit 2012 at a 3-4% run-rate (driven by easing comps at Comm Tech and PID) – and given that most companies are framing the low-end of their outlook on 2H exit rate, this range seems appropriate at midpoint. Moreover, we are encouraged by our Oil Services teams’ outlook for 5% Y/Y rig count growth in 2013 (albeit 2H skewed) and we see the potential for a substantial pickup in Comm Tech on the back of continued smartphone market growth (+8% in 2013).”
Dover Corp. (NYSE:DOV) traded up 1.16% on Tuesday, 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 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.
In other Dover Corp. news, VP Sivasankaran Somasundaram sold 4,000 shares of the company’s stock 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 SEC, which can be accessed through 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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