Dover Corp. (DOV) Upgraded to Buy at Zacks Investment Research
Dover Corp. (NYSE:DOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $81.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 12.13% from the stock’s previous close.
According to Zacks, “Dover is poised to benefit from acquisitions, new product offerings, leading technology and increased MRO activity. The company will also gain from solid growth from the industrial, hygienic and pharma markets. Recently, Dover announced the acquisition of Ravaglioli as well as the divestment of its Tipper Tie unit in order to expedite its business strategy. These actions will bolster Dover’s business in key markets. These are well reflected in the company’s positive record of earnings surprises in recent quarters. “
Other equities research analysts have also recently issued reports about the stock. Barclays PLC increased their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Citigroup Inc. increased their target price on shares of Dover Corp. from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Wednesday, June 8th. Sanford C. Bernstein restated an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Finally, Robert W. Baird upgraded shares of Dover Corp. from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $66.00 to $86.00 in a research report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. Dover Corp. currently has an average rating of “Hold” and an average price target of $72.63.
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Dover Corp. (NYSE:DOV) traded down 1.97% during midday trading on Wednesday, reaching $72.24. 1,159,014 shares of the company’s stock traded hands. The firm’s 50-day moving average is $71.63 and its 200-day moving average is $69.10. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90. The company has a market capitalization of $11.21 billion, a price-to-earnings ratio of 20.78 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last issued its earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.09. The business earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. Dover Corp.’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. Analysts forecast that Dover Corp. will post $3.34 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.44 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a yield of 2.44%. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s payout ratio is currently 50.29%.
In related news, VP C. Anderson Fincher sold 1,420 shares of Dover Corp. stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total value of $104,256.40. Following the completion of the transaction, the vice president now owns 40,326 shares in the company, valued at $2,960,734.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William Spurgeon sold 17,170 shares of Dover Corp. stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the completion of the transaction, the vice president now owns 59,163 shares of the company’s stock, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Mizuho Asset Management Co. Ltd. boosted its stake in Dover Corp. by 65.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,038 shares of the company’s stock worth $141,000 after buying an additional 803 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in Dover Corp. during the second quarter worth $143,000. Hallmark Capital Management Inc. bought a new stake in Dover Corp. during the second quarter worth $149,000. Trust Department MB Financial Bank N A boosted its stake in Dover Corp. by 67.0% in the second quarter. Trust Department MB Financial Bank N A now owns 2,567 shares of the company’s stock worth $180,000 after buying an additional 1,030 shares during the last quarter. Finally, Farmers National Bank bought a new stake in Dover Corp. during the second quarter worth $188,000. 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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