Zacks Investment Research Upgrades Dover (DOV) to “Buy”

Dover (NYSE:DOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $116.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.55% from the stock’s previous close.

According to Zacks, “Dover’s third-quarter ended with robust bookings and backlog that bodes well for the fourth quarter. Dover guides 2017 adjusted EPS in the $4.23-$4.33 range, an increase of 38% year over year at the mid-point. The company’s separation of its Wellsite business and the sale of consumer and industrial winch business of Warn will help in streamlining portfolio. It will aid the company to invest in market-leading platforms with strong margin profiles. Dover will benefit from cost saving actions, significant drilling activity and fast-growing digital textile printing market. Dover recently acquired Ettlinger Kunststoffmaschinen GmbH and its affiliated entities, in a bid to boost its presence in the plastics and polymers processing equipment industry. The stock has outperformed its industry in the last six months. “

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada reiterated a “hold” rating and issued a $105.00 price target on shares of Dover in a report on Wednesday. Stifel Nicolaus reiterated a “hold” rating and issued a $112.00 price target (up from $100.00) on shares of Dover in a report on Tuesday. ValuEngine downgraded Dover from a “buy” rating to a “hold” rating in a report on Friday, December 1st. SunTrust Banks restated a “hold” rating and set a $96.00 price objective on shares of Dover in a research note on Monday, October 23rd. Finally, Citigroup restated a “neutral” rating and set a $96.00 price objective (up from $90.00) on shares of Dover in a research note on Monday, October 9th. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $98.75.

Shares of Dover (NYSE:DOV) traded down $0.35 during midday trading on Friday, hitting $103.99. The stock had a trading volume of 550,700 shares, compared to its average volume of 816,892. Dover has a 1-year low of $75.51 and a 1-year high of $104.91. The company has a quick ratio of 0.87, a current ratio of 1.32 and a debt-to-equity ratio of 0.70. The company has a market cap of $16,310.00, a P/E ratio of 24.18, a price-to-earnings-growth ratio of 1.77 and a beta of 1.29.

Dover (NYSE:DOV) last issued its quarterly earnings results on Thursday, October 19th. The industrial products company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.05. Dover had a return on equity of 14.10% and a net margin of 8.91%. The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the previous year, the business earned $0.83 EPS. The business’s quarterly revenue was up 17.5% on a year-over-year basis. research analysts forecast that Dover will post 3.94 EPS for the current year.

In other Dover news, Director Michael B. Stubbs sold 8,495 shares of the business’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $96.30, for a total transaction of $818,068.50. Following the completion of the transaction, the director now owns 275,344 shares in the company, valued at approximately $26,515,627.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael B. Stubbs sold 41,505 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $95.67, for a total value of $3,970,783.35. Following the transaction, the director now owns 275,344 shares of the company’s stock, valued at approximately $26,342,160.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,276 shares of company stock valued at $6,234,042. 2.50% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its holdings in shares of Dover by 21.7% in the third quarter. Victory Capital Management Inc. now owns 25,466 shares of the industrial products company’s stock valued at $2,327,000 after buying an additional 4,534 shares during the period. Magnetar Financial LLC acquired a new stake in shares of Dover in the third quarter valued at $22,066,000. Janus Henderson Group PLC lifted its holdings in shares of Dover by 49.7% in the third quarter. Janus Henderson Group PLC now owns 40,198 shares of the industrial products company’s stock valued at $3,673,000 after buying an additional 13,344 shares during the period. Highbridge Capital Management LLC acquired a new stake in shares of Dover in the third quarter valued at $371,000. Finally, Third Point LLC acquired a new stake in shares of Dover in the third quarter valued at $150,794,000. Institutional investors own 84.49% of the company’s stock.

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Dover Company Profile

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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