Dover Corp. (DOV) Downgraded to “Strong Sell” at Zacks Investment Research
Dover Corp. (NYSE:DOV) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Dover trimmed its full-year 2016 EPS and revenue outlook on the back of generally weaker capital spending across several industrial end markets, continued weakness in longer cycle oil & gas exposed markets and persistent headwinds in its retail refrigeration business related to production inefficiencies. The company also expects the macro global economy to remain soft through the end of the year. Further, the Wayne buyout related investigation remains a matter of concern. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third quarter results. “
DOV has been the topic of several other research reports. Barclays PLC lifted their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 18th. Citigroup Inc. dropped their price target 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. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Dover Corp. in a research note on Monday, June 27th. Bank of America Corp. reaffirmed a “buy” rating and set a $85.00 price target on shares of Dover Corp. in a research note on Thursday, October 6th. Finally, Susquehanna assumed coverage on shares of Dover Corp. in a research report on Friday, October 7th. They issued a “neutral” rating and a $77.00 target price for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $72.19.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/dover-corp-dov-downgraded-to-strong-sell-at-zacks-investment-research.html
Shares of Dover Corp. (NYSE:DOV) traded down 1.53% during trading on Thursday, hitting $66.26. 119,057 shares of the stock were exchanged. The company has a market cap of $10.28 billion, a P/E ratio of 19.06 and a beta of 1.25. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90. The firm’s 50-day moving average is $71.00 and its 200 day moving average is $69.14.
Dover Corp. (NYSE:DOV) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.09. The company earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 EPS. Equities analysts forecast 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. Shareholders of record on Wednesday, August 31st were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.62%. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, August 29th. Dover Corp.’s payout ratio is currently 50.29%.
In related news, VP C. Anderson Fincher sold 1,420 shares of the company’s 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 completion of the sale, the vice president now directly owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Livingston sold 25,927 shares of the company’s 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 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 currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Mizuho Asset Management Co. Ltd. increased its stake in shares of Dover Corp. by 65.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,038 shares of the company’s stock worth $141,000 after buying an additional 803 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Dover Corp. during the second quarter worth about $143,000. Hallmark Capital Management Inc. acquired a new position in shares of Dover Corp. during the second quarter worth about $149,000. Feltz Wealth PLAN Inc. acquired a new position in shares of Dover Corp. during the second quarter worth about $150,000. Finally, Trust Department MB Financial Bank N A boosted its position in shares of Dover Corp. by 67.0% in the second quarter. Trust Department MB Financial Bank N A now owns 2,567 shares of the company’s stock worth $180,000 after buying an additional 1,030 shares in the last quarter. 85.59% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Dover Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dover Corp. and related companies with MarketBeat.com's FREE daily email newsletter.