Dover Corp. (DOV) Issues FY16 Earnings Guidance
Dover Corp. (NYSE:DOV) issued an update on its FY16 earnings guidance on Wednesday morning. The company provided EPS guidance of $3.00-3.05 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.95.
Dover Corp. (NYSE:DOV) opened at 67.54 on Wednesday. The stock’s 50 day moving average is $70.29 and its 200-day moving average is $69.26. The firm has a market capitalization of $10.48 billion, a PE ratio of 19.42 and a beta of 1.25. Dover Corp. has a one year low of $50.91 and a one year high of $74.90.
Dover Corp. (NYSE:DOV) last announced its quarterly earnings data on Wednesday, October 19th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.01. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The company earned $1.71 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The firm’s revenue was down 4.5% on a year-over-year basis. On average, analysts anticipate that Dover Corp. will post $3.34 EPS for the current fiscal year.
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Several brokerages have weighed in on DOV. Barclays PLC increased their price target on shares of Dover Corp. from $65.00 to $71.00 and gave the company an equal weight rating in a research report on Monday, July 18th. Zacks Investment Research raised shares of Dover Corp. from a hold rating to a buy rating and set a $81.00 price target for the company in a research report on Wednesday, October 5th. Susquehanna began coverage on shares of Dover Corp. in a research report on Friday, October 7th. They set a neutral rating and a $77.00 price target for the company. Citigroup Inc. dropped their price target on shares of Dover Corp. from $76.00 to $72.00 and set a neutral rating for the company in a research report on Tuesday, October 11th. Finally, Sanford C. Bernstein reissued 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 assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $72.19.
In other news, VP C. Anderson Fincher sold 1,420 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total transaction of $104,256.40. Following the sale, the vice president now owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP William Spurgeon sold 17,170 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. BlackRock Fund Advisors increased its stake 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 worth $170,585,000 after buying an additional 30,342 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Dover Corp. by 1.6% in the second quarter. BlackRock Group LTD now owns 1,254,377 shares of the company’s stock worth $86,955,000 after buying an additional 20,232 shares during the last quarter. APG Asset Management N.V. increased its stake in shares of Dover Corp. by 3.3% in the second quarter. APG Asset Management N.V. now owns 1,103,169 shares of the company’s stock worth $76,472,000 after buying an additional 35,500 shares during the last quarter. Champlain Investment Partners LLC increased its stake in shares of Dover Corp. by 14.3% in the second quarter. Champlain Investment Partners LLC now owns 1,093,195 shares of the company’s stock worth $75,780,000 after buying an additional 136,750 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in shares of Dover Corp. by 130.1% in the second quarter. Lord Abbett & CO. LLC now owns 933,861 shares of the company’s stock worth $64,736,000 after buying an additional 527,939 shares during the last quarter. 85.56% of the stock is currently 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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