FY2016 Earnings Estimate for Dover Corp. Issued By Oppenheimer Holdings (DOV)
Dover Corp. (NYSE:DOV) – Oppenheimer Holdings decreased their FY2016 earnings per share estimates for Dover Corp. in a report released on Monday. Oppenheimer Holdings analyst J. Giannakouros now expects that the firm will post earnings of $2.89 per share for the year, down from their previous estimate of $3.24. Oppenheimer Holdings also issued estimates for Dover Corp.’s FY2017 earnings at $3.60 EPS.
Dover Corp. (NYSE:DOV) last released 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 net margin of 8.03% and a return on equity of 14.27%. The company earned $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The firm’s quarterly revenue was down 4.1% on a year-over-year basis.
Several other research analysts have also weighed in on the stock. Barclays PLC set a $68.00 price objective on shares of Dover Corp. and gave the stock a “hold” rating in a research note on Tuesday. Citigroup Inc. lowered their price objective on shares of Dover Corp. from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Tuesday. Susquehanna began coverage on shares of Dover Corp. in a research note on Friday, October 7th. They set a “neutral” rating and a $77.00 price objective on the stock. Bank of America Corp. restated a “buy” rating and set a $85.00 price objective on shares of Dover Corp. in a research note on Thursday, October 6th. Finally, Zacks Investment Research lowered shares of Dover Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, October 6th. One investment 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. Dover Corp. presently has an average rating of “Hold” and a consensus target price of $72.19.
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Dover Corp. (NYSE:DOV) traded up 0.39% during midday trading on Wednesday, hitting $67.17. 882,816 shares of the company traded hands. The stock’s 50-day moving average price is $71.20 and its 200 day moving average price is $69.15. The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of 19.32 and a beta of 1.25. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90.
A number of institutional investors have recently modified their holdings of DOV. Teachers Advisors Inc. increased its position in shares of Dover Corp. by 20.8% in the first quarter. Teachers Advisors Inc. now owns 257,778 shares of the company’s stock valued at $16,583,000 after buying an additional 44,337 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Dover Corp. by 0.4% in the first quarter. Prudential Financial Inc. now owns 217,305 shares of the company’s stock valued at $13,979,000 after buying an additional 900 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased 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 during the last quarter. M&T Bank Corp increased its position in shares of Dover Corp. by 2.5% in the first quarter. M&T Bank Corp now owns 197,054 shares of the company’s stock valued at $12,677,000 after buying an additional 4,819 shares during the last quarter. Finally, Ropes Wealth Advisors LLC increased its position in shares of Dover Corp. by 9.7% in the first quarter. Ropes Wealth Advisors LLC now owns 3,722 shares of the company’s stock valued at $239,000 after buying an additional 330 shares during the last quarter. 85.59% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Robert Livingston sold 25,927 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP William Spurgeon sold 17,170 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were 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 directly 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.
The business also recently disclosed 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 an increase from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, August 29th. This represents a $1.76 annualized dividend and a yield of 2.63%. Dover Corp.’s dividend payout ratio is presently 50.29%.
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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