Dover Corp. (DOV) Shares Up 3.6% After Earnings Beat
Shares of Dover Corp. (NYSE:DOV) traded up 3.6% on Wednesday following a better than expected earnings announcement. The company traded as high as $70.86 and last traded at $69.95, with a volume of 1,130,407 shares changing hands. The stock had previously closed at $67.54.
The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business earned $1.71 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the firm earned $1.14 earnings per share. Dover Corp.’s quarterly revenue was down 4.5% on a year-over-year basis.
A number of equities research analysts have commented on the stock. Barclays PLC raised their price target on shares of Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 18th. Zacks Investment Research upgraded shares of Dover Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a report on Wednesday, October 5th. Susquehanna assumed coverage on shares of Dover Corp. in a report on Friday, October 7th. They issued a “neutral” rating and a $77.00 price target for the company. Citigroup Inc. reduced their price target on shares of Dover Corp. from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Tuesday, October 11th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Dover Corp. in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. Dover Corp. currently has a consensus rating of “Hold” and an average price target of $72.19.
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In other news, VP C. Anderson Fincher sold 1,420 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total value of $104,256.40. Following the sale, the vice president now owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP William Spurgeon sold 17,170 shares of the business’s 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 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. 2.60% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Mizuho Asset Management Co. Ltd. raised its stake in Dover Corp. by 65.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,038 shares of the company’s stock valued at $141,000 after buying an additional 803 shares during the period. Tower Research Capital LLC TRC acquired a new stake in Dover Corp. during the second quarter valued at about $143,000. Hallmark Capital Management Inc. acquired a new stake in Dover Corp. during the second quarter valued at about $149,000. Feltz Wealth PLAN Inc. acquired a new stake in Dover Corp. during the second quarter valued at about $150,000. Finally, Trust Department MB Financial Bank N A raised its stake in 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 valued at $180,000 after buying an additional 1,030 shares during the period. 85.56% of the stock is currently owned by institutional investors.
The stock’s 50 day moving average is $70.29 and its 200-day moving average is $69.26. The firm has a market cap of $10.89 billion, a P/E ratio of 20.18 and a beta of 1.25.
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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