SunTrust Banks Comments on Dover Corporation’s Q4 2017 Earnings (DOV)
Dover Corporation (NYSE:DOV) – Research analysts at SunTrust Banks upped their Q4 2017 earnings per share estimates for shares of Dover Corporation in a research note issued on Thursday. SunTrust Banks analyst C. Brady now forecasts that the industrial products company will earn $1.06 per share for the quarter, up from their previous estimate of $1.04. SunTrust Banks currently has a “Hold” rating and a $90.00 target price on the stock. SunTrust Banks also issued estimates for Dover Corporation’s Q1 2018 earnings at $0.85 EPS, Q4 2018 earnings at $1.20 EPS, FY2018 earnings at $4.50 EPS and FY2019 earnings at $5.02 EPS.
A number of other analysts have also recently issued reports on the company. Citigroup Inc. reissued a “neutral” rating and set a $96.00 price objective (up previously from $90.00) on shares of Dover Corporation in a report on Monday. Morgan Stanley reissued an “overweight” rating and set a $106.00 price objective (up previously from $97.00) on shares of Dover Corporation in a report on Monday, October 2nd. J P Morgan Chase & Co raised Dover Corporation from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $80.00 to $105.00 in a report on Wednesday, September 20th. Seaport Global Securities reissued a “neutral” rating on shares of Dover Corporation in a report on Wednesday, September 13th. Finally, Robert W. Baird reissued a “buy” rating and set a $95.00 price objective on shares of Dover Corporation in a report on Tuesday, September 12th. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $93.31.
Dover Corporation (NYSE:DOV) last issued its quarterly earnings results on Thursday, July 20th. The industrial products company reported $1.04 EPS for the quarter, topping 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 company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the business earned $0.76 earnings per share. Dover Corporation’s revenue was up 18.2% on a year-over-year basis.
Several large investors have recently added to or reduced their stakes in the business. Oxford Asset Management bought a new position in shares of Dover Corporation during the 1st quarter valued at about $491,000. Victory Capital Management Inc. increased its position in shares of Dover Corporation by 17.8% during the 1st quarter. Victory Capital Management Inc. now owns 17,872 shares of the industrial products company’s stock valued at $1,436,000 after purchasing an additional 2,703 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of Dover Corporation by 5.4% during the 1st quarter. OppenheimerFunds Inc. now owns 10,914 shares of the industrial products company’s stock valued at $877,000 after purchasing an additional 559 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Dover Corporation by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 235,288 shares of the industrial products company’s stock valued at $18,906,000 after purchasing an additional 3,724 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Dover Corporation by 16.5% during the 1st quarter. Wellington Management Group LLP now owns 619,582 shares of the industrial products company’s stock valued at $49,784,000 after purchasing an additional 87,632 shares during the last quarter. 86.01% of the stock is currently owned by hedge funds and other institutional investors.
In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $87.04, for a total value of $2,176,000.00. Following the sale, the director now owns 275,344 shares of the company’s stock, valued at approximately $23,965,941.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a $0.47 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $1.88 annualized dividend and a dividend yield of 2.00%. This is a boost from Dover Corporation’s previous quarterly dividend of $0.44. Dover Corporation’s dividend payout ratio (DPR) is presently 47.12%.
About Dover Corporation
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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