Dover Corp. (DOV) Rating Lowered to Sell at Zacks Investment Research
Dover Corp. (NYSE:DOV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Dover narrowed its 2016 earnings per share guidance range to $3.42–$3.52. It also expects full-year revenue to dip 3%–5%. The guidance cut came on the back of delay in project timing & persistent softness in oil & gas related markets. Dover’s bookings and backlog both declined in the second quarter. This does not augur well for the company’s third-quarter 2016 performance. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third-quarter results. “
Other research analysts also recently issued research reports about the company. Bank of America Corp. raised Dover Corp. from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Thursday, May 26th. TheStreet raised Dover Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, May 24th. Barclays PLC lifted their price target on Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 18th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Dover Corp. in a research note on Wednesday, June 8th. Finally, Citigroup Inc. lifted their price target on Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $71.00.
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Shares of Dover Corp. (NYSE:DOV) traded up 2.26% on Wednesday, reaching $70.54. 1,190,805 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $72.11 and its 200-day moving average price is $68.41. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 20.29 and a beta of 1.37.
Dover Corp. (NYSE:DOV) last issued its earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.85 by $0.09. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. Dover Corp.’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Equities analysts predict that Dover Corp. will post $3.34 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a dividend of $0.44 per share. The ex-dividend date was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s payout ratio is presently 50.29%.
In other Dover Corp. news, VP William Spurgeon sold 17,170 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $71.65, for a total value of $1,230,230.50. Following the completion of the transaction, the vice president now owns 59,163 shares in the company, valued at approximately $4,239,028.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Livingston sold 25,927 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the transaction, the chief executive officer now owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Dover Corp. during the fourth quarter worth $67,048,000. Chevy Chase Trust Holdings Inc. boosted its position in Dover Corp. by 3.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 141,247 shares of the company’s stock worth $9,086,000 after buying an additional 5,024 shares in the last quarter. DnB Asset Management AS boosted its position in Dover Corp. by 128.2% in the first quarter. DnB Asset Management AS now owns 23,316 shares of the company’s stock worth $1,500,000 after buying an additional 13,100 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Dover Corp. by 7.6% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 35,570 shares of the company’s stock worth $2,288,000 after buying an additional 2,513 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX boosted its position in Dover Corp. by 8.7% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 37,741 shares of the company’s stock worth $2,428,000 after buying an additional 3,007 shares in the last quarter. Hedge funds and other institutional investors own 85.59% of the company’s stock.
About Dover Corp.
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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