Dover Corp. (DOV) Downgraded by Zacks Investment Research to Strong Sell
According to Zacks, “Dover trimmed its full-year 2016 EPS and revenue outlook on the back of generally weaker capital spending across several industrial end markets, continued weakness in longer cycle oil & gas exposed markets and persistent headwinds in its retail refrigeration business related to production inefficiencies. The company also expects the macro global economy to remain soft through the end of the year. Further, the Wayne buyout related investigation remains a matter of concern. Moreover, foreign exchange volatility, higher restructuring charges and lower order activity will hurt Dover’s third quarter results. “
A number of other research analysts have also weighed in on DOV. Bank of America Corp. reissued a buy rating and set a $85.00 target price on shares of Dover Corp. in a report on Thursday, October 6th. Susquehanna began coverage on Dover Corp. in a report on Friday, October 7th. They set a neutral rating and a $77.00 target price on the stock. Barclays PLC boosted their target price on Dover Corp. from $65.00 to $71.00 and gave the stock an equal weight rating in a report on Monday, July 18th. Sanford C. Bernstein reissued an outperform rating on shares of Dover Corp. in a report on Monday, June 27th. Finally, Citigroup Inc. decreased their target price on Dover Corp. from $76.00 to $72.00 and set a neutral rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. Dover Corp. currently has an average rating of Hold and an average price target of $72.19.
Shares of Dover Corp. (NYSE:DOV) traded up 0.72% on Thursday, reaching $67.12. The company had a trading volume of 529,085 shares. The company’s 50-day moving average price is $70.80 and its 200-day moving average price is $69.12. Dover Corp. has a 52-week low of $50.91 and a 52-week high of $74.90. The firm has a market capitalization of $10.42 billion, a price-to-earnings ratio of 19.30 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the firm earned $0.98 EPS. On average, analysts predict that Dover Corp. will post $3.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Monday, August 29th. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio is presently 50.29%.
In other Dover Corp. news, 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 value of $1,795,185.48. Following the completion of the transaction, the chief executive officer now owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP C. Anderson Fincher sold 1,420 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total value of $104,256.40. Following the completion of the transaction, the vice president now directly owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock worth $1,008,965,000 after buying an additional 393,727 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock worth $429,382,000 after buying an additional 59,245 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 worth $257,510,000 after buying an additional 16,700 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 worth $226,877,000 after buying an additional 580,562 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in shares of Dover Corp. by 1.2% in the second quarter. BlackRock Fund Advisors now owns 2,460,830 shares of the company’s stock worth $170,585,000 after buying an additional 30,342 shares during the last quarter. 85.59% of the stock is 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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