Research Analysts Set Expectations for Dover Corp.’s Q3 2016 Earnings (DOV)
Dover Corp. (NYSE:DOV) – Equities research analysts at Oppenheimer Holdings lowered their Q3 2016 earnings per share estimates for Dover Corp. in a report released on Monday. Oppenheimer Holdings analyst J. Giannakouros now anticipates that the brokerage will post earnings per share of $0.81 for the quarter, down from their prior estimate of $1.00. Oppenheimer Holdings also issued estimates for Dover Corp.’s Q4 2016 earnings at $0.80 EPS.
Dover Corp. (NYSE:DOV) last posted its earnings results on Thursday, July 21st. The company reported $0.76 EPS 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 had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the business earned $0.98 earnings per share. Dover Corp.’s revenue was down 4.1% on a year-over-year basis.
DOV has been the subject of several other reports. Barclays PLC lifted their price objective on shares of Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 18th. Zacks Investment Research cut shares of Dover Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, October 6th. Citigroup Inc. decreased 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 report on Tuesday. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Finally, Bank of America Corp. reissued a “buy” rating and issued a $85.00 price target on shares of Dover Corp. in a research report on Thursday, October 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. Dover Corp. currently has a consensus rating of “Hold” and a consensus price target of $72.19.
Shares of Dover Corp. (NYSE:DOV) opened at 67.29 on Tuesday. The firm has a market capitalization of $10.44 billion, a PE ratio of 19.35 and a beta of 1.25. The stock’s 50 day moving average price is $71.00 and its 200-day moving average price is $69.14. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90.
Hedge funds and other institutional investors have recently modified their holdings of the company. Riverhead Capital Management LLC raised its stake in Dover Corp. by 126.5% in the first quarter. Riverhead Capital Management LLC now owns 79,336 shares of the company’s stock valued at $5,105,000 after buying an additional 44,312 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in Dover Corp. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 89,544 shares of the company’s stock valued at $5,443,000 after buying an additional 2,600 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Dover Corp. during the first quarter valued at approximately $402,000. Rafferty Asset Management LLC acquired a new stake in Dover Corp. during the first quarter valued at approximately $3,185,000. Finally, Credit Agricole S A raised its stake in Dover Corp. by 11.2% in the first quarter. Credit Agricole S A now owns 116,349 shares of the company’s stock valued at $7,485,000 after buying an additional 11,708 shares in the last quarter. Institutional investors own 85.59% of the company’s stock.
In other Dover Corp. news, VP Paul Goldberg sold 1,800 shares of the company’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $72.13, for a total transaction of $129,834.00. Following the transaction, the vice president now directly owns 11,778 shares in the company, valued at $849,547.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Livingston sold 25,927 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the transaction, the chief executive officer now owns 192,630 shares in the company, valued at $13,337,701.20. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.44 per share. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Monday, August 29th. Dover Corp.’s dividend payout ratio is presently 50.29%.
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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