Dover Corp. (DOV) Announces Earnings Results, Misses Expectations By $0.19 EPS
Dover Corp. (NYSE:DOV) released its quarterly earnings data on Wednesday. The company reported $0.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.02 by $0.19. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%.
Dover Corp. (NYSE:DOV) opened at 67.54 on Wednesday. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90. The company has a 50-day moving average price of $70.29 and a 200-day moving average price of $69.26. The stock has a market capitalization of $10.48 billion, a price-to-earnings ratio of 19.42 and a beta of 1.25.
In other Dover Corp. news, VP Paul Goldberg sold 1,800 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $72.13, for a total transaction of $129,834.00. Following the transaction, the vice president now owns 11,778 shares of the company’s stock, valued at approximately $849,547.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP C. Anderson Fincher sold 1,420 shares of the 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 transaction, the vice president now directly owns 40,326 shares in the company, valued at approximately $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. EverPoint Asset Management LLC acquired a new position in shares of Dover Corp. during the second quarter worth $2,426,000. Cubist Systematic Strategies LLC raised its position in shares of Dover Corp. by 28.8% in the second quarter. Cubist Systematic Strategies LLC now owns 9,785 shares of the company’s stock worth $678,000 after buying an additional 2,185 shares in the last quarter. Lombard Odier Asset Management USA Corp acquired a new position in shares of Dover Corp. during the second quarter worth $829,000. Paloma Partners Management Co raised its position in shares of Dover Corp. by 45.2% in the second quarter. Paloma Partners Management Co now owns 34,237 shares of the company’s stock worth $2,373,000 after buying an additional 10,651 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its position in shares of Dover Corp. by 1.4% in the second quarter. Panagora Asset Management Inc. now owns 119,371 shares of the company’s stock worth $8,275,000 after buying an additional 1,628 shares in the last quarter. 85.56% of the stock is currently owned by institutional investors.
Several research firms have commented on DOV. Barclays PLC upped their price objective 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. Zacks Investment Research upgraded Dover Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, October 5th. 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 on the stock. Citigroup Inc. decreased their price target on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 11th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $72.19.
Dover Corp. Company Profile
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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