Dover Corp. (NYSE:DOV) had its price target trimmed by Citigroup Inc. from $76.00 to $72.00 in a research note published on Tuesday. The brokerage currently has a neutral rating on the stock.
A number of other research analysts have also recently commented on DOV. Zacks Investment Research cut Dover Corp. from a hold rating to a sell rating in a research note on Monday, June 27th. Sanford C. Bernstein reiterated an outperform rating on shares of Dover Corp. in a research note on Monday, June 27th. Barclays PLC raised their target price on Dover Corp. from $65.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 18th. Susquehanna initiated coverage on Dover Corp. in a research report on Friday, October 7th. They set a neutral rating and a $77.00 target price for the company. Finally, Bank of America Corp. reaffirmed a buy rating and set a $85.00 target price on shares of Dover Corp. in a research report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. Dover Corp. has an average rating of Hold and an average price target of $72.19.
Dover Corp. (NYSE:DOV) traded up 0.33% on Tuesday, hitting $67.13. The stock had a trading volume of 659,796 shares. The company has a 50-day moving average price of $71.20 and a 200-day moving average price of $69.15. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of 19.31 and a beta of 1.25. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90.
Dover Corp. (NYSE:DOV) last announced its quarterly 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 firm earned $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The firm’s revenue was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.44 per share. The ex-dividend date was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a yield of 2.63%. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s payout ratio is 50.29%.
In other Dover Corp. news, VP C. Anderson Fincher sold 1,420 shares of Dover Corp. stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total transaction of $104,256.40. Following the completion of the transaction, the vice president now owns 40,326 shares in the company, valued at approximately $2,960,734.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Goldberg sold 1,800 shares of Dover Corp. stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $72.13, for a total value of $129,834.00. Following the transaction, the vice president now owns 11,778 shares of the company’s stock, valued at approximately $849,547.14. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. PGGM Investments increased its position in Dover Corp. by 12.0% in the second quarter. PGGM Investments now owns 588,341 shares of the company’s stock worth $40,784,000 after buying an additional 63,049 shares during the period. Geode Capital Management LLC increased its position in Dover Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,269,848 shares of the company’s stock worth $81,526,000 after buying an additional 23,865 shares during the period. Pictet Asset Management Ltd. increased its position in Dover Corp. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 89,544 shares of the company’s stock worth $5,443,000 after buying an additional 2,600 shares during the period. National Pension Service increased its position in Dover Corp. by 4.4% in the first quarter. National Pension Service now owns 114,897 shares of the company’s stock worth $7,391,000 after buying an additional 4,883 shares during the period. Finally, Pzena Investment Management LLC increased its position in 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 period. Institutional investors and hedge funds own 85.59% of the company’s stock.
About Dover Corp.