SunTrust Banks Comments on Dover Corporation’s FY2017 Earnings (DOV)
Dover Corporation (NYSE:DOV) – Research analysts at SunTrust Banks reduced their FY2017 earnings per share estimates for shares of Dover Corporation in a report released on Tuesday. SunTrust Banks analyst C. Brady now anticipates that the industrial products company will post earnings per share of $3.92 for the year, down from their prior forecast of $3.93. SunTrust Banks also issued estimates for Dover Corporation’s FY2019 earnings at $4.95 EPS.
Several other equities analysts have also commented on the stock. Stifel Nicolaus upped their price target on shares of Dover Corporation from $88.00 to $91.00 and gave the stock a “hold” rating in a research report on Friday, July 21st. BidaskClub lowered shares of Dover Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. BMO Capital Markets raised shares of Dover Corporation from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $89.00 to $82.00 in a research report on Thursday, June 8th. Zacks Investment Research raised shares of Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Tuesday, July 18th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Dover Corporation in a research report on Tuesday, May 23rd. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $89.42.
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Dover Corporation (NYSE:DOV) opened at 90.03 on Friday. Dover Corporation has a 12 month low of $65.50 and a 12 month high of $90.15. The firm has a 50-day moving average of $85.52 and a 200 day moving average of $81.96. The stock has a market cap of $14.02 billion, a PE ratio of 22.51 and a beta of 1.26.
Dover Corporation (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.03. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the company posted $0.76 EPS. The firm’s quarterly revenue was up 18.2% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.09%. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. The ex-dividend date is Tuesday, August 29th. Dover Corporation’s dividend payout ratio is 47.12%.
In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the transaction, the director now directly owns 275,344 shares in the company, valued at approximately $23,965,941.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of DOV. Strs Ohio boosted its stake in Dover Corporation by 1.5% during the 1st quarter. Strs Ohio now owns 9,586 shares of the industrial products company’s stock valued at $770,000 after acquiring an additional 146 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Dover Corporation by 97.3% during the 1st quarter. Russell Investments Group Ltd. now owns 142,320 shares of the industrial products company’s stock valued at $11,438,000 after acquiring an additional 70,174 shares during the last quarter. American Century Companies Inc. boosted its stake in Dover Corporation by 6.6% during the 1st quarter. American Century Companies Inc. now owns 160,938 shares of the industrial products company’s stock valued at $12,931,000 after acquiring an additional 9,981 shares during the last quarter. Swiss National Bank boosted its stake in Dover Corporation by 28.3% during the 1st quarter. Swiss National Bank now owns 550,517 shares of the industrial products company’s stock valued at $44,234,000 after acquiring an additional 121,400 shares during the last quarter. Finally, World Asset Management Inc boosted its stake in Dover Corporation by 5.8% during the 1st quarter. World Asset Management Inc now owns 19,858 shares of the industrial products company’s stock valued at $1,596,000 after acquiring an additional 1,093 shares during the last quarter. Hedge funds and other institutional investors own 86.06% of the company’s stock.
About Dover Corporation
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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