Dover Corporation (DOV) Lowered to “Hold” at Zacks Investment Research
Dover Corporation (NYSE:DOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Dover’s third-quarter revenues and earnings improved on a year-over-year basis and beat the respective Zacks Consensus Estimate on the back of continued strength in its global markets. The quarter ended with robust bookings and backlog that bodes well for the fourth quarter. Dover guides 2017 adjusted EPS in the $4.23-$4.33 range, an increase of 38% year over year at the mid-point. The company’s planned separation of its Wellsite business and the sale of consumer and industrial winch business of Warn will help in streamlining portfolio. It will aid the company to invest in market-leading platforms with strong margin profiles. Dover will benefit from cost saving actions, significant drilling activity and fast-growing digital textile printing market. The stock has outperformed its industry year to date. However, continued softness in the commercial cooking equipment markets and increased raw material costs will impact results.”
Several other brokerages have also commented on DOV. J P Morgan Chase & Co upgraded Dover Corporation from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $80.00 to $105.00 in a research report on Wednesday, September 20th. Morgan Stanley raised their price target on Dover Corporation from $95.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 19th. Robert W. Baird restated a “buy” rating and set a $95.00 price target on shares of Dover Corporation in a research report on Tuesday, September 12th. SunTrust Banks, Inc. restated a “hold” rating and set a $90.00 price target on shares of Dover Corporation in a research report on Thursday, October 12th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $90.00 price target (up from $89.00) on shares of Dover Corporation in a research report on Thursday, July 6th. Twelve investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Dover Corporation has a consensus rating of “Hold” and a consensus target price of $94.69.
Shares of Dover Corporation (DOV) traded up 0.98% during mid-day trading on Monday, hitting $95.88. The stock had a trading volume of 824,047 shares. Dover Corporation has a 12 month low of $65.50 and a 12 month high of $95.96. The firm has a 50 day moving average price of $91.26 and a 200-day moving average price of $84.48. The stock has a market cap of $14.93 billion, a P/E ratio of 23.97 and a beta of 1.27.
Dover Corporation (NYSE:DOV) last announced its quarterly earnings data on Thursday, October 19th. The industrial products company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.11 by $0.05. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.99 billion. Dover Corporation had a return on equity of 14.40% and a net margin of 8.91%. The company’s revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 EPS. On average, equities research analysts forecast that Dover Corporation will post $4.29 EPS for the current year.
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In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now owns 275,344 shares in the company, valued at approximately $23,965,941.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DOV. Vanguard Group Inc. lifted its stake in shares of Dover Corporation by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 16,549,433 shares of the industrial products company’s stock valued at $1,327,596,000 after purchasing an additional 370,572 shares during the period. BlackRock Inc. lifted its stake in shares of Dover Corporation by 3.9% in the 2nd quarter. BlackRock Inc. now owns 10,314,301 shares of the industrial products company’s stock valued at $827,412,000 after purchasing an additional 389,449 shares during the period. Bank of America Corp DE lifted its stake in shares of Dover Corporation by 9.4% in the 1st quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock valued at $517,953,000 after purchasing an additional 553,136 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Dover Corporation by 0.3% in the 2nd quarter. Pzena Investment Management LLC now owns 5,599,307 shares of the industrial products company’s stock valued at $449,176,000 after purchasing an additional 17,738 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Dover Corporation by 11.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,962,208 shares of the industrial products company’s stock valued at $398,069,000 after purchasing an additional 511,469 shares during the period. Institutional investors and hedge funds own 86.01% of the company’s stock.
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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