Dover Corp. (DOV) Price Target Lowered to $72.00 at Citigroup Inc.
Dover Corp. (NYSE:DOV) had its target price reduced by research analysts at Citigroup Inc. from $76.00 to $72.00 in a research note issued on Tuesday. The firm presently has a “neutral” rating on the stock. Citigroup Inc.’s price objective suggests a potential upside of 7.96% from the company’s current price.
Several other analysts have also commented on DOV. Zacks Investment Research lowered Dover Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 27th. Sanford C. Bernstein restated an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Barclays PLC raised their target price on Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Susquehanna assumed coverage on Dover Corp. in a research report on Friday. They issued a “neutral” rating and a $77.00 target price on the stock. Finally, Bank of America Corp. restated a “buy” rating and issued a $85.00 target price on shares of Dover Corp. in a research report on Thursday, October 6th. One analyst has rated the stock with a sell rating, twelve have given 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 a consensus price target of $72.19.
Shares of Dover Corp. (NYSE:DOV) traded down 0.04% during trading on Tuesday, reaching $66.66. The company’s stock had a trading volume of 1,685,134 shares. The stock has a 50 day moving average of $71.41 and a 200-day moving average of $69.17. The company has a market capitalization of $10.35 billion, a PE ratio of 19.17 and a beta of 1.25. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90.
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Dover Corp. (NYSE:DOV) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, analysts expect that Dover Corp. will post $3.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.44 dividend. The ex-dividend date was Monday, August 29th. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.64%. Dover Corp.’s payout ratio is presently 50.29%.
In other news, VP C. Anderson Fincher sold 1,420 shares of Dover Corp. stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total value of $104,256.40. Following the completion of the sale, the vice president now directly owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Livingston sold 25,927 shares of Dover Corp. stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the sale, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at $13,337,701.20. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock valued at $1,008,965,000 after buying an additional 393,727 shares during the last quarter. Pzena Investment Management LLC boosted its position in Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock valued at $429,382,000 after buying an additional 59,245 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Dover Corp. by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,002,956 shares of the company’s stock valued at $257,510,000 after buying an additional 16,700 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock valued at $226,877,000 after buying an additional 580,562 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in 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 during the last quarter. 85.59% of the stock is owned by hedge funds and other 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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