Seaport Global Securities Research Analysts Cut Earnings Estimates for Dover Corp. (DOV)
Dover Corp. (NYSE:DOV) – Equities research analysts at Seaport Global Securities reduced their Q3 2016 earnings estimates for shares of Dover Corp. in a research report issued on Monday. Seaport Global Securities analyst W. Liptak now forecasts that the firm will earn $0.83 per share for the quarter, down from their prior forecast of $1.01. Seaport Global Securities also issued estimates for Dover Corp.’s Q1 2017 earnings at $0.64 EPS, Q3 2017 earnings at $0.99 EPS, Q4 2017 earnings at $0.93 EPS and FY2017 earnings at $3.50 EPS.
Several other brokerages have also weighed in on DOV. Susquehanna assumed coverage on Dover Corp. in a research report on Friday. They set a “neutral” rating and a $77.00 target price on the stock. Bank of America Corp. reissued a “buy” rating and set a $85.00 target price on shares of Dover Corp. in a research report on Thursday, October 6th. Zacks Investment Research lowered Dover Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, October 6th. Barclays PLC raised 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 reissued an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $72.63.
Shares of Dover Corp. (NYSE:DOV) traded up 0.862% during trading on Tuesday, reaching $67.265. 1,395,167 shares of the company’s stock were exchanged. The company has a market capitalization of $10.44 billion, a P/E ratio of 19.346 and a beta of 1.25. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90. The stock has a 50-day moving average price of $71.41 and a 200 day moving average price of $69.17.
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Dover Corp. (NYSE:DOV) last announced 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 firm earned $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 earnings per share.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a dividend of $0.44 per share. 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 annualized dividend and a yield of 2.64%. Dover Corp.’s payout ratio is currently 50.29%.
In related news, CEO Robert Livingston sold 25,927 shares of Dover Corp. 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 completion of the transaction, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at $13,337,701.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP William Spurgeon sold 17,170 shares of Dover Corp. stock in a transaction 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 transaction, the vice president now directly owns 59,163 shares of the company’s stock, valued at $4,239,028.95. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of DOV. Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. Pzena Investment Management LLC boosted its position in shares of 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 in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 in the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 in the last quarter. Finally, BlackRock Fund Advisors boosted its position 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. 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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