Dover Corp. (DOV) Downgraded by Zacks Investment Research to Sell
Dover Corp. (NYSE:DOV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Dover narrowed its 2016 earnings per share guidance range to $3.42–$3.52. It also expects full-year revenue to dip 3%–5%. The guidance cut came on the back of delay in project timing & persistent softness in oil & gas related markets. Dover’s bookings and backlog both declined in the second quarter. This does not augur well for the company’s third-quarter 2016 performance. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third-quarter results. “
Several other analysts also recently commented on DOV. TheStreet raised shares of Dover Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, May 24th. Bank of America Corp. raised shares of Dover Corp. from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, May 26th. Sanford C. Bernstein reissued an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Finally, Citigroup Inc. boosted their target price on shares of Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $71.00.
Dover Corp. (NYSE:DOV) traded up 0.67% during midday trading on Wednesday, hitting $69.44. 314,095 shares of the stock traded hands. The stock has a market cap of $10.78 billion, a PE ratio of 19.97 and a beta of 1.37. The company has a 50-day moving average of $72.11 and a 200-day moving average of $68.41. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90.
Dover Corp. (NYSE:DOV) last posted its earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. The business earned $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The business’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. On average, equities analysts expect that Dover Corp. will post $3.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.44 dividend. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.55%. Dover Corp.’s dividend payout ratio is currently 50.29%.
In other news, CEO Robert Livingston sold 25,927 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total value of $1,795,185.48. Following the sale, the chief executive officer now owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP William Spurgeon sold 17,170 shares of the company’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the completion of the sale, the vice president now directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock valued at $1,008,965,000 after buying an additional 393,727 shares during the last quarter. Franklin Resources Inc. raised its stake in Dover Corp. by 0.9% in the first quarter. Franklin Resources Inc. now owns 6,692,483 shares of the company’s stock valued at $430,527,000 after buying an additional 56,874 shares during the last quarter. Pzena Investment Management LLC raised its stake in Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock valued at $429,382,000 after buying an additional 59,245 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Dover Corp. by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,002,956 shares of the company’s stock valued at $257,510,000 after buying an additional 16,700 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock valued at $226,877,000 after buying an additional 580,562 shares during the last quarter. 85.59% of the stock is currently owned by institutional investors and hedge funds.
About Dover Corp.
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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