Dover Corp (DOV) Releases Quarterly Earnings Results, Beats Estimates By $0.48 EPS
Dover Corp (NYSE:DOV) announced its earnings results on Thursday. The industrial products company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.61 by $0.48. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.77 billion. Dover Corp had a net margin of 7.49% and a return on equity of 12.35%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS.
Dover Corp (NYSE:DOV) opened at 79.26 on Thursday. The company has a 50 day moving average of $79.39 and a 200 day moving average of $75.64. Dover Corp has a 1-year low of $62.89 and a 1-year high of $82.56. The company has a market capitalization of $12.33 billion, a PE ratio of 24.39 and a beta of 1.18.
In other news, Director Michael B. Stubbs sold 20,000 shares of the stock in a transaction on Monday, February 27th. The stock was sold at an average price of $80.30, for a total transaction of $1,606,000.00. Following the completion of the transaction, the director now owns 277,194 shares in the company, valued at approximately $22,258,678.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sandra A. Arkell sold 1,850 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $79.94, for a total value of $147,889.00. Following the transaction, the vice president now owns 10,742 shares of the company’s stock, valued at approximately $858,715.48. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Dover Corp during the fourth quarter valued at $142,471,000. Inverness Counsel LLC NY increased its position in Dover Corp by 108.5% in the first quarter. Inverness Counsel LLC NY now owns 1,829,420 shares of the industrial products company’s stock valued at $145,128,000 after buying an additional 952,023 shares during the last quarter. Artemis Investment Management LLP purchased a new position in Dover Corp during the fourth quarter valued at $50,231,000. Bessemer Group Inc. increased its position in Dover Corp by 27,941.3% in the fourth quarter. Bessemer Group Inc. now owns 582,978 shares of the industrial products company’s stock valued at $43,683,000 after buying an additional 580,899 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Dover Corp by 1,769.1% in the fourth quarter. Renaissance Technologies LLC now owns 575,695 shares of the industrial products company’s stock valued at $43,137,000 after buying an additional 544,895 shares during the last quarter. Institutional investors own 84.57% of the company’s stock.
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Several analysts have commented on the stock. Barclays PLC restated an “equal weight” rating and set a $79.00 target price (up from $78.00) on shares of Dover Corp in a report on Wednesday. Royal Bank of Canada set a $73.00 target price on shares of Dover Corp and gave the stock a “hold” rating in a report on Thursday, January 26th. Morgan Stanley upgraded shares of Dover Corp from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $90.00 in a report on Monday, April 3rd. Citigroup Inc raised their target price on shares of Dover Corp from $84.00 to $87.00 and gave the stock a “neutral” rating in a report on Tuesday, April 11th. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Dover Corp in a report on Thursday, December 29th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Dover Corp currently has a consensus rating of “Hold” and an average price target of $83.33.
About Dover Corp
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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