Dover Corp. (DOV) Stock Rating Lowered by Zacks Investment Research
Dover Corp. (NYSE:DOV) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to 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 subject of a number of other research reports. Barclays PLC lifted their price target 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. Citigroup Inc. dropped their price target on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating for the company in a research report on Tuesday. Sanford C. Bernstein reiterated an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Bank of America Corp. reiterated a “buy” rating and set a $85.00 price target on shares of Dover Corp. in a research report on Thursday, October 6th. Finally, Susquehanna began coverage on Dover Corp. in a research report on Friday, October 7th. They set a “neutral” rating and a $77.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Dover Corp. currently has an average rating of “Hold” and a consensus price target of $72.19.
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Shares of Dover Corp. (NYSE:DOV) opened at 67.29 on Thursday. The firm’s 50-day moving average is $71.00 and its 200-day moving average is $69.14. The firm has a market cap of $10.44 billion, a P/E ratio of 19.35 and a beta of 1.25. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90.
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 the Zacks’ consensus estimate of $0.85 by $0.09. The business 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 was down 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 EPS. Analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.44 per share. The ex-dividend date of this dividend 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 dividend yield of 2.62%. Dover Corp.’s payout ratio is 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 stock was sold at an average price of $73.42, for a total value of $104,256.40. Following 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 SEC, which is available through the SEC website. Also, VP Paul Goldberg sold 1,800 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $72.13, for a total value of $129,834.00. Following the completion of the sale, the vice president now directly owns 11,778 shares in the company, valued at $849,547.14. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Large investors have recently modified their holdings of the company. PGGM Investments boosted its stake in shares of Dover Corp. by 12.0% in the second quarter. PGGM Investments now owns 588,341 shares of the company’s stock valued at $40,784,000 after buying an additional 63,049 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Dover Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,269,848 shares of the company’s stock valued at $81,526,000 after buying an additional 23,865 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Dover Corp. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 89,544 shares of the company’s stock valued at $5,443,000 after buying an additional 2,600 shares during the last quarter. National Pension Service boosted its stake in shares of Dover Corp. by 4.4% in the first quarter. National Pension Service now owns 114,897 shares of the company’s stock valued at $7,391,000 after buying an additional 4,883 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its stake 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 during 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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