SunTrust Banks, Inc. Reiterates “Hold” Rating for Dover Corporation (DOV)
Dover Corporation (NYSE:DOV)‘s stock had its “hold” rating reiterated by SunTrust Banks, Inc. in a research report issued to clients and investors on Thursday. They presently have a $90.00 target price on the industrial products company’s stock. SunTrust Banks, Inc.’s price objective would suggest a potential downside of 4.33% from the company’s previous close.
A number of other brokerages have also recently issued reports on DOV. Morgan Stanley raised their price objective on Dover Corporation from $95.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, September 19th. J P Morgan Chase & Co raised Dover Corporation from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $80.00 to $105.00 in a research note on Wednesday, September 20th. Robert W. Baird reaffirmed a “buy” rating and set a $95.00 price objective on shares of Dover Corporation in a research note on Tuesday, September 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $90.00 price objective (up from $89.00) on shares of Dover Corporation in a research note on Thursday, July 6th. Finally, Stifel Nicolaus raised their price objective on Dover Corporation from $88.00 to $91.00 and gave the company a “hold” rating in a research note on Friday, July 21st. Twelve investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $93.31.
Dover Corporation (NYSE:DOV) traded up 0.27% during midday trading on Thursday, hitting $94.07. The company had a trading volume of 605,208 shares. The firm’s 50 day moving average is $89.45 and its 200-day moving average is $83.81. Dover Corporation has a 52 week low of $65.50 and a 52 week high of $94.50. The firm has a market capitalization of $14.65 billion, a P/E ratio of 23.52 and a beta of 1.27.
Dover Corporation (NYSE:DOV) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.03. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the firm earned $0.76 earnings per share. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year. On average, equities research analysts expect that Dover Corporation will post $4.29 EPS for the current fiscal year.
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In other news, Director Michael B. Stubbs sold 25,000 shares of Dover Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the completion of the transaction, the director now directly owns 275,344 shares in the company, valued at $23,965,941.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Frontier Investment Mgmt Co. lifted its holdings in shares of Dover Corporation by 0.7% during the second quarter. Frontier Investment Mgmt Co. now owns 123,304 shares of the industrial products company’s stock valued at $9,891,000 after purchasing an additional 881 shares during the last quarter. Achmea Investment Management B.V. purchased a new position in shares of Dover Corporation during the second quarter valued at approximately $278,000. Sentry Investment Management LLC lifted its holdings in shares of Dover Corporation by 1.1% during the second quarter. Sentry Investment Management LLC now owns 10,900 shares of the industrial products company’s stock valued at $874,000 after purchasing an additional 117 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Dover Corporation by 2.0% during the second quarter. Public Employees Retirement System of Ohio now owns 123,325 shares of the industrial products company’s stock valued at $9,893,000 after purchasing an additional 2,420 shares during the last quarter. Finally, Koch Industries Inc. purchased a new position in shares of Dover Corporation during the second quarter valued at approximately $236,000. Hedge funds and other institutional investors own 86.01% of the company’s stock.
Dover Corporation Company Profile
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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