Dover Corp. (DOV) Updates Q3 Earnings Guidance
Dover Corp. (NYSE:DOV) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.81-0.83 for the period, compared to the Thomson Reuters consensus estimate of $1.02. Dover Corp. also updated its FY16 guidance to $3.00-3.05 EPS.
Several research firms have recently weighed in on DOV. Susquehanna began coverage on Dover Corp. in a research report on Friday. They set a neutral rating and a $77.00 target price for the company. Bank of America Corp. reiterated a buy rating and set a $85.00 target price on shares of Dover Corp. in a research report on Thursday. Zacks Investment Research downgraded Dover Corp. from a buy rating to a hold rating in a research report on Thursday. Barclays PLC lifted their target price 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 equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $72.63.
Shares of Dover Corp. (NYSE:DOV) opened at 72.24 on Monday. The stock’s 50 day moving average price is $71.63 and its 200-day moving average price is $69.10. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The stock has a market cap of $11.21 billion, a price-to-earnings ratio of 20.78 and a beta of 1.25.
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Dover Corp. (NYSE:DOV) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 earnings per share. Equities analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.44 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.44%. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio is presently 50.29%.
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, VP William Spurgeon sold 17,170 shares of the stock in a transaction 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 transaction, the vice president now directly owns 59,163 shares in the company, valued at $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Dover Corp. by 0.7% in the second quarter. BlackRock Inc. now owns 599,135 shares of the company’s stock valued at $41,532,000 after buying an additional 4,013 shares in the last quarter. 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. Segall Bryant & Hamill LLC increased its stake in shares of Dover Corp. by 4.1% in the second quarter. Segall Bryant & Hamill LLC now owns 26,488 shares of the company’s stock valued at $1,836,000 after buying an additional 1,032 shares in the last quarter. Finally, BlackRock Japan Co. Ltd increased its stake in shares of Dover Corp. by 1.7% in the second quarter. BlackRock Japan Co. Ltd now owns 191,810 shares of the company’s stock valued at $13,296,000 after buying an additional 3,209 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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