Dover Corp. (DOV) Now Covered by Susquehanna
Susquehanna initiated coverage on shares of Dover Corp. (NYSE:DOV) in a report issued on Friday. The firm set a “neutral” rating on the stock.
A number of other equities analysts have also weighed in on DOV. Sanford C. Bernstein upgraded Dover Corp. from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $75.00 to $87.00 in a research note on Friday, June 10th. Zacks Investment Research lowered Dover Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Barclays PLC upped their target price on Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 18th. Finally, Bank of America Corp. restated a “buy” rating and issued a $85.00 target price on shares of Dover Corp. in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $72.33.
Dover Corp. (NYSE:DOV) opened at 73.69 on Friday. Dover Corp. has a 12 month low of $50.91 and a 12 month high of $74.90. The company has a market capitalization of $11.44 billion, a P/E ratio of 21.19 and a beta of 1.25. The stock’s 50 day moving average price is $71.68 and its 200-day moving average price is $69.06.
Dover Corp. (NYSE:DOV) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, equities research analysts predict 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. Shareholders of record on Wednesday, August 31st were issued a $0.44 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.76 annualized dividend and a yield of 2.39%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is 50.29%.
In other Dover Corp. news, CEO Robert Livingston sold 25,927 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the sale, the chief executive officer now owns 192,630 shares in the company, valued at approximately $13,337,701.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Paul Goldberg sold 1,800 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $72.13, for a total value of $129,834.00. Following the completion of the sale, the vice president now owns 11,778 shares of the company’s stock, valued at approximately $849,547.14. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the company. Mizuho Asset Management Co. Ltd. boosted its stake in Dover Corp. by 65.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,038 shares of the company’s stock valued at $141,000 after buying an additional 803 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of Dover Corp. during the second quarter valued at about $143,000. Hallmark Capital Management Inc. purchased a new position in shares of Dover Corp. during the second quarter valued at about $149,000. Feltz Wealth PLAN Inc. purchased a new position in shares of Dover Corp. during the second quarter valued at about $150,000. Finally, Trust Department MB Financial Bank N A raised its position in shares of Dover Corp. by 67.0% in the second quarter. Trust Department MB Financial Bank N A now owns 2,567 shares of the company’s stock valued at $180,000 after buying an additional 1,030 shares in the last quarter. Institutional investors and hedge funds own 85.59% of the company’s stock.
Dover Corp. Company Profile
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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