Dover Corp. Expected to Post Q3 2016 Earnings of $0.83 Per Share (DOV)
Dover Corp. (NYSE:DOV) – Stock analysts at SunTrust Banks decreased their Q3 2016 earnings estimates for Dover Corp. in a research report issued to clients and investors on Monday. SunTrust Banks analyst C. Brady now forecasts that the brokerage will post earnings of $0.83 per share for the quarter, down from their previous estimate of $1.05. SunTrust Banks also issued estimates for Dover Corp.’s FY2016 earnings at $2.90 EPS and Q3 2017 earnings at $0.99 EPS.
Dover Corp. (NYSE:DOV) last announced its earnings results on Wednesday, October 19th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.82 by $0.01. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The company’s revenue was down 4.5% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS.
Other research analysts also recently issued research reports about the company. 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 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 report on Wednesday, October 5th. Susquehanna assumed coverage on Dover Corp. in a research note on Friday, October 7th. They issued a “neutral” rating and a $77.00 target price on the stock. Citigroup Inc. lowered their target price on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 11th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Dover Corp. in a research note on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $72.19.
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Shares of Dover Corp. (NYSE:DOV) traded up 3.206% during midday trading on Wednesday, hitting $69.705. The company had a trading volume of 1,023,904 shares. Dover Corp. has a one year low of $50.91 and a one year high of $74.90. The firm has a market cap of $10.82 billion, a price-to-earnings ratio of 20.047 and a beta of 1.25. The company’s 50 day moving average is $70.29 and its 200 day moving average is $69.26.
In other Dover Corp. news, VP C. Anderson Fincher sold 1,420 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now 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 at this hyperlink. Also, CEO Robert Livingston sold 25,927 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the transaction, the chief executive officer now directly owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can bought a new stake in Dover Corp. during the second quarter valued at $116,346,000. Bank of New York Mellon Corp raised its stake in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock valued at $226,877,000 after buying an additional 580,562 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in Dover Corp. by 130.1% in the second quarter. Lord Abbett & CO. LLC now owns 933,861 shares of the company’s stock valued at $64,736,000 after buying an additional 527,939 shares in the last quarter. Vanguard Group Inc. raised its stake in Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock valued at $1,008,965,000 after buying an additional 393,727 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Dover Corp. by 643.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 413,956 shares of the company’s stock valued at $28,695,000 after buying an additional 358,291 shares in the last quarter. 85.56% of the stock is owned by hedge funds and other institutional investors.
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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