Dover Corp. (DOV) Given a $68.00 Price Target at Barclays PLC
Dover Corp. (NYSE:DOV) has been given a $68.00 price target by analysts at Barclays PLC in a research report issued to clients and investors on Tuesday. The brokerage currently has a a “hold” rating on the stock. Barclays PLC’s target price points to a potential upside of 1.63% from the company’s previous close.
A number of other equities research analysts also recently weighed in on the stock. Bank of America Corp. reissued a “buy” rating and issued a $85.00 price target on shares of Dover Corp. in a report 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 price objective for the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Dover Corp. in a research note on Monday, June 27th. Finally, Citigroup Inc. reduced their price objective on shares of Dover Corp. from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $72.19.
Dover Corp. (NYSE:DOV) traded up 0.33% during midday trading on Tuesday, reaching $66.91. 2,935,602 shares of the company were exchanged. The stock has a market capitalization of $10.39 billion, a price-to-earnings ratio of 19.24 and a beta of 1.25. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90. The firm’s 50-day moving average price is $71.41 and its 200 day moving average price is $69.17.
Dover Corp. (NYSE:DOV) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company posted $0.98 earnings per share. Dover Corp.’s revenue was down 4.1% compared to the same quarter last year. Equities analysts predict that Dover Corp. will post $3.34 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.63%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, August 29th. Dover Corp.’s dividend payout ratio is currently 50.29%.
In other 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 directly owns 192,630 shares of the company’s stock, valued at $13,337,701.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP C. Anderson Fincher sold 1,420 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total value of $104,256.40. Following the completion of the sale, the vice president now directly owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new stake in Dover Corp. during the second quarter valued at $116,346,000. Bank of New York Mellon Corp boosted 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 in the last quarter. Lord Abbett & CO. LLC boosted its stake in Dover Corp. by 130.1% in the second quarter. Lord Abbett & CO. LLC now owns 933,861 shares of the company’s stock valued at $64,736,000 after buying an additional 527,939 shares in the last quarter. Vanguard Group Inc. boosted 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 in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Dover Corp. by 643.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 413,956 shares of the company’s stock valued at $28,695,000 after buying an additional 358,291 shares in the last quarter. 85.59% of the stock is owned by institutional investors.
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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