Dover Corp. (DOV) Updates FY16 Earnings Guidance
Dover Corp. (NYSE:DOV) issued an update on its FY16 earnings guidance on Monday morning. The company provided EPS guidance of $3.00-3.05 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.28. Dover Corp. also updated its Q3 guidance to $0.81-0.83 EPS.
Dover Corp. (NYSE:DOV) opened at 72.24 on Monday. The company’s 50-day moving average price is $71.63 and its 200-day moving average price is $69.10. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90. The stock has a market cap of $11.21 billion, a P/E 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 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The company earned $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the company earned $0.98 EPS. Dover Corp.’s quarterly revenue was down 4.1% on a year-over-year basis. Analysts predict that Dover Corp. will post $3.34 EPS for the current year.
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The firm 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. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.44%. Dover Corp.’s payout ratio is 50.29%.
DOV has been the topic of several research reports. Susquehanna initiated coverage on Dover Corp. in a research note on Friday. They set a neutral rating and a $77.00 price objective on the stock. Bank of America Corp. reiterated a buy rating and set a $85.00 price target on shares of Dover Corp. in a research report on Thursday. Zacks Investment Research cut Dover Corp. from a buy rating to a hold rating in a research report on Thursday. Barclays PLC increased their price target on Dover Corp. from $65.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 18th. Finally, Sanford C. Bernstein reiterated an outperform rating on shares of Dover Corp. in a research report on Monday, June 27th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. Dover Corp. presently has a consensus rating of Hold and an average target price of $72.63.
In other Dover Corp. news, VP C. Anderson Fincher sold 1,420 shares of the stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total transaction of $104,256.40. Following the transaction, the vice president now directly owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Livingston sold 25,927 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the transaction, the chief executive officer now directly owns 192,630 shares in the company, valued at $13,337,701.20. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.
Several large investors have recently modified their holdings of DOV. BlackRock Fund Advisors increased its stake in shares of Dover Corp. by 1.2% in the second quarter. BlackRock Fund Advisors now owns 2,460,830 shares of the company’s stock valued at $170,585,000 after buying an additional 30,342 shares in the last quarter. BlackRock Group LTD increased its stake in shares of Dover Corp. by 1.6% in the second quarter. BlackRock Group LTD now owns 1,254,377 shares of the company’s stock valued at $86,955,000 after buying an additional 20,232 shares in the last quarter. APG Asset Management N.V. increased its stake in shares of Dover Corp. by 3.3% in the second quarter. APG Asset Management N.V. now owns 1,103,169 shares of the company’s stock valued at $76,472,000 after buying an additional 35,500 shares in the last quarter. Champlain Investment Partners LLC increased its stake in shares of Dover Corp. by 14.3% in the second quarter. Champlain Investment Partners LLC now owns 1,093,195 shares of the company’s stock valued at $75,780,000 after buying an additional 136,750 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in shares of Dover Corp. by 130.1% in the second quarter. Lord Abbett & CO. LLC now owns 933,861 shares of the company’s stock valued at $64,736,000 after buying an additional 527,939 shares in the last quarter. 85.59% of the stock is currently owned by institutional investors.
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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