Dover Corporation (NYSE:DOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday, July 31st.
According to Zacks, “Dover guides its adjusted EPS in the range of $4.23–$4.33 for 2017, the mid-point reflects 38% increase year over year. Dover also expects full-year revenues to grow in the range of 12–14%. The company will continue to benefit from significant drilling activity, strong Printing & Identification platform, strength of retail refrigeration business, and robust hygienic and pharma markets. It will also gain from increasing pace of retail fueling integration. Moreover, focus on acquisition strategy and operating model will drive growth. However, Dover's results will be hurt by rise in inventory and corporate expense. Volatile raw material prices, fluctuation in foreign currency and strong competition also remain headwinds for the company. Moreover, the stock has underperformed its industry over the past one year.”
DOV has been the subject of several other research reports. Morgan Stanley raised shares of Dover Corporation from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $85.00 to $90.00 in a report on Monday, April 3rd. Royal Bank Of Canada restated a “sector perform” rating and set a $89.00 target price (up from $86.00) on shares of Dover Corporation in a research report on Sunday, April 23rd. Edward Jones cut shares of Dover Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, April 22nd. Citigroup Inc. upped their target price on shares of Dover Corporation from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Finally, Seaport Global Securities restated a “buy” rating on shares of Dover Corporation in a research note on Monday, June 5th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $87.73.
Shares of Dover Corporation (NYSE:DOV) traded down 0.21% during mid-day trading on Monday, reaching $83.86. The company’s stock had a trading volume of 620,549 shares. The firm has a market cap of $13.06 billion, a price-to-earnings ratio of 20.97 and a beta of 1.27. Dover Corporation has a 52-week low of $65.50 and a 52-week high of $87.63. The firm has a 50 day moving average price of $84.23 and a 200 day moving average price of $81.11.
Dover Corporation (NYSE:DOV) last issued its earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.03. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.94 billion. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. Dover Corporation’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.76 EPS. On average, equities analysts predict that Dover Corporation will post $4.31 EPS for the current fiscal year.
In other news, Director Michael B. Stubbs sold 25,000 shares of Dover Corporation stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $87.04, for a total value of $2,176,000.00. Following the sale, the director now owns 275,344 shares in the company, valued at $23,965,941.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.50% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in shares of Dover Corporation by 9.4% in the first quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock valued at $517,953,000 after buying an additional 553,136 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Dover Corporation by 7.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,584 shares of the industrial products company’s stock worth $690,000 after buying an additional 625 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in Dover Corporation during the first quarter worth $6,512,000. Candriam Luxembourg S.C.A. raised its position in Dover Corporation by 32.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 14,205 shares of the industrial products company’s stock worth $1,141,000 after buying an additional 3,477 shares during the last quarter. Finally, Gulf International Bank UK Ltd raised its position in Dover Corporation by 1.7% in the first quarter. Gulf International Bank UK Ltd now owns 48,908 shares of the industrial products company’s stock worth $3,929,000 after buying an additional 800 shares during the last quarter. Institutional investors and hedge funds own 85.73% 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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