Dover Corp (DOV) Expected to Post Quarterly Sales of $1.92 Billion
Brokerages forecast that Dover Corp (NYSE:DOV) will post $1.92 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have made estimates for Dover Corp’s earnings, with estimates ranging from $1.88 billion to $1.96 billion. Dover Corp posted sales of $1.69 billion during the same quarter last year, which suggests a positive year over year growth rate of 13.6%. The company is expected to report its next earnings report on Thursday, July 20th.
On average, analysts expect that Dover Corp will report full-year sales of $1.92 billion for the current financial year, with estimates ranging from $7.52 billion to $7.75 billion. For the next fiscal year, analysts expect that the firm will report sales of $8.03 billion per share, with estimates ranging from $7.87 billion to $8.19 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Dover Corp.
Dover Corp (NYSE:DOV) last issued its quarterly earnings results on Thursday, April 20th. The industrial products company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.48. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.77 billion. Dover Corp had a net margin of 7.49% and a return on equity of 12.35%. Dover Corp’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 earnings per share.
DOV has been the topic of several recent research reports. Royal Bank of Canada reaffirmed a “hold” rating and set a $86.00 target price on shares of Dover Corp in a report on Sunday, March 12th. Edward Jones lowered shares of Dover Corp from a “buy” rating to a “hold” rating in a report on Saturday, April 22nd. Langenberg & Company raised shares of Dover Corp from a “sell” rating to a “hold” rating in a report on Monday, January 30th. BMO Capital Markets initiated coverage on shares of Dover Corp in a report on Wednesday, February 22nd. They set a “market perform” rating and a $82.00 target price on the stock. Finally, Citigroup Inc increased their target price on shares of Dover Corp from $84.00 to $87.00 and gave the company a “neutral” rating in a report on Tuesday, April 11th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $84.55.
Dover Corp (NYSE:DOV) opened at 82.50 on Friday. The firm has a market cap of $12.84 billion, a price-to-earnings ratio of 22.30 and a beta of 1.18. Dover Corp has a one year low of $63.93 and a one year high of $84.40. The stock’s 50 day moving average is $80.24 and its 200-day moving average is $77.90.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st will be given a $0.44 dividend. The ex-dividend date is Friday, May 26th. This represents a $1.76 annualized dividend and a dividend yield of 2.13%. Dover Corp’s dividend payout ratio is 53.99%.
In related news, Director Michael B. Stubbs sold 40,000 shares of Dover Corp stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $83.22, for a total transaction of $3,328,800.00. Following the completion of the transaction, the director now directly owns 275,344 shares of the company’s stock, valued at approximately $22,914,127.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael B. Stubbs sold 20,000 shares of Dover Corp stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $80.30, for a total transaction of $1,606,000.00. Following the transaction, the director now directly owns 277,194 shares of the company’s stock, valued at $22,258,678.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,502 shares of company stock valued at $6,822,444. Corporate insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of DOV. First Bank & Trust boosted its position in shares of Dover Corp by 15.5% in the first quarter. First Bank & Trust now owns 1,326 shares of the industrial products company’s stock worth $106,000 after buying an additional 178 shares during the period. FNY Partners Fund LP acquired a new position in shares of Dover Corp during the fourth quarter worth about $112,000. Johnson Financial Group Inc. boosted its position in shares of Dover Corp by 2.6% in the fourth quarter. Johnson Financial Group Inc. now owns 1,556 shares of the industrial products company’s stock worth $117,000 after buying an additional 40 shares during the period. Ledyard National Bank boosted its position in shares of Dover Corp by 421.1% in the first quarter. Ledyard National Bank now owns 1,485 shares of the industrial products company’s stock worth $119,000 after buying an additional 1,200 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Dover Corp by 5,446.9% in the first quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the industrial products company’s stock worth $143,000 after buying an additional 1,743 shares during the period. 84.57% of the stock is owned by institutional investors.
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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