Dover Corp. (DOV) Releases FY16 Earnings Guidance
Dover Corp. (NYSE:DOV) issued an update on its FY16 earnings guidance on Monday morning. The company provided EPS guidance of $3.00-3.05 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.28. Dover Corp. also updated its Q3 guidance to $0.81-0.83 EPS.
Shares of Dover Corp. (NYSE:DOV) opened at 66.69 on Tuesday. Dover Corp. has a 12 month low of $50.91 and a 12 month high of $74.90. The firm has a 50-day moving average of $71.41 and a 200-day moving average of $69.17. The company has a market capitalization of $10.35 billion, a P/E ratio of 19.18 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last announced its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by $0.09. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 EPS. On average, equities analysts predict that Dover Corp. will post $3.34 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.44 per share. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.64%. Dover Corp.’s payout ratio is presently 50.29%.
A number of equities research analysts have recently weighed in on DOV shares. Bank of America Corp. reaffirmed a buy rating and set a $85.00 target price on shares of Dover Corp. in a research note on Thursday, October 6th. Zacks Investment Research lowered shares of Dover Corp. from a hold rating to a sell rating in a research note on Wednesday, September 21st. Susquehanna started coverage on shares of Dover Corp. in a research note on Friday. They set a neutral rating and a $77.00 target price on the stock. Barclays PLC lifted their target price on shares of Dover Corp. from $65.00 to $71.00 and gave the company an equal weight rating in a research note on Monday, July 18th. Finally, Sanford C. Bernstein reaffirmed an outperform rating on shares of Dover Corp. in a research note on Monday, June 27th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $72.63.
In related news, CEO Robert Livingston sold 25,927 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the completion of the sale, the chief executive officer now directly owns 192,630 shares in the company, valued at $13,337,701.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP William Spurgeon sold 17,170 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the sale, the vice president now owns 59,163 shares of the company’s stock, valued at $4,239,028.95. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in DOV. Atlantic Trust Group LLC acquired a new stake in shares of Dover Corp. during the second quarter valued at about $923,000. Canada Pension Plan Investment Board raised its stake in shares of Dover Corp. by 9.8% in the second quarter. Canada Pension Plan Investment Board now owns 15,712 shares of the company’s stock valued at $1,089,000 after buying an additional 1,400 shares during the period. HighTower Advisors LLC raised its stake in shares of Dover Corp. by 19.2% in the second quarter. HighTower Advisors LLC now owns 20,098 shares of the company’s stock valued at $1,399,000 after buying an additional 3,238 shares during the period. Advisor Partners LLC acquired a new stake in shares of Dover Corp. during the second quarter valued at about $201,000. Finally, Tredje AP fonden raised its stake in shares of Dover Corp. by 1,572.6% in the second quarter. Tredje AP fonden now owns 14,552 shares of the company’s stock valued at $1,009,000 after buying an additional 13,682 shares during the period. Institutional investors 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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