Zacks Investment Research upgraded shares of Dover (NYSE:DOV) from a sell rating to a hold rating in a research note released on Friday morning.
According to Zacks, “Backed by improved performances in the Engineered Systems and Fluids segments and expected benefits from its cost containment actions, Dover expects fiscal 2018 earnings per share to be $4.80-$4.85, which represents the top end of the previous guidance. The company is poised to gain from acquisitions, product digitization, e-commerce, new product development, and inorganic investment in core business platforms. Its strong bookings, cost-reduction initiatives and restructuring programs also remain growth drivers. Further, the spin-off of Apergy will help the company by focusing on less volatile core platforms. The company has a positive record of earnings surprises in the last few quarters. However, inflated input costs due to the imposition of tariffs and impact of weak retail refrigeration markets on Dover’s Refrigeration & Food Equipment segment remain concerns. The stock has underperformed the industry over the past year.”
A number of other equities research analysts have also issued reports on the company. UBS Group raised Dover from a neutral rating to a buy rating and set a $76.35 target price on the stock in a research note on Thursday. Wolfe Research raised Dover from a market perform rating to an outperform rating in a research note on Tuesday, January 8th. Morgan Stanley lowered Dover from an overweight rating to an equal rating and reduced their target price for the company from $94.00 to $89.00 in a research note on Tuesday, December 18th. Barclays reduced their target price on Dover from $97.00 to $93.00 and set an overweight rating on the stock in a research note on Monday, December 17th. Finally, Oppenheimer reaffirmed a hold rating on shares of Dover in a research note on Monday, October 22nd. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $89.18.
Shares of NYSE:DOV opened at $77.86 on Friday. The company has a market cap of $11.17 billion, a PE ratio of 19.32, a PEG ratio of 1.13 and a beta of 1.39. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 1.30. Dover has a 12 month low of $65.83 and a 12 month high of $90.26.
Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, October 18th. The industrial products company reported $1.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.07. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. Dover had a return on equity of 21.22% and a net margin of 9.69%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.14 EPS. Analysts expect that Dover will post 4.84 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 17th. Shareholders of record on Friday, November 30th were issued a $0.48 dividend. The ex-dividend date of this dividend was Thursday, November 29th. This represents a $1.92 annualized dividend and a yield of 2.47%. Dover’s dividend payout ratio (DPR) is presently 47.64%.
In other Dover news, Director Mary A. Winston sold 2,000 shares of the business’s stock in a transaction on Tuesday, October 23rd. The stock was sold at an average price of $82.29, for a total value of $164,580.00. Following the completion of the transaction, the director now directly owns 13,055 shares in the company, valued at approximately $1,074,295.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.60% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in Dover by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,827,415 shares of the industrial products company’s stock valued at $781,489,000 after acquiring an additional 288,630 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Dover by 5.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,380,997 shares of the industrial products company’s stock worth $210,788,000 after buying an additional 129,276 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Dover by 15.2% during the 2nd quarter. Northern Trust Corp now owns 2,323,795 shares of the industrial products company’s stock worth $170,101,000 after buying an additional 306,116 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Dover by 13.2% during the 3rd quarter. Alliancebernstein L.P. now owns 2,036,751 shares of the industrial products company’s stock worth $180,314,000 after buying an additional 238,123 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Dover by 0.7% during the 3rd quarter. Bessemer Group Inc. now owns 1,651,271 shares of the industrial products company’s stock worth $146,187,000 after buying an additional 12,149 shares during the last quarter. Institutional investors own 90.70% of the company’s stock.
Dover Company Profile
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates in three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual clamps, power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.
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