Dover (NYSE:DOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage presently has a $110.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 6.25% from the stock’s previous close.
According to Zacks, “Dover’s third-quarter earnings and revenues beat the Zacks Consensus Estimate as well as improved year over year. Dover expects 2019 earnings per share at $5.82-$5.85, up from the prior guidance of $5.75-$5.85 driven by solid order backlog across all business segments, productivity and cost initiatives, and execution of margin targets. The company is also poised to gain from product digitization, e-commerce, new product development, and inorganic investment in core business platforms. However, the company's results will be hurt by soft retail refrigeration demand and input cost inflation due to the implementation of tariffs. Dover is also bearing the brunt of foreign-exchange headwinds, which is expected to thwart margins in the fourth quarter. The company has a positive record of earnings surprises in the last few quarters.”
A number of other equities analysts have also commented on DOV. Morgan Stanley raised their price objective on Dover from $103.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday. Barclays raised their price objective on Dover from $112.00 to $116.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on Dover from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Citigroup raised their price objective on Dover from $113.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Royal Bank of Canada set a $96.00 price objective on Dover and gave the stock a “hold” rating in a research note on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $101.84.
Dover stock traded up $0.04 during mid-day trading on Tuesday, reaching $103.53. 28,601 shares of the company were exchanged, compared to its average volume of 909,692. The company has a fifty day simple moving average of $97.35 and a 200-day simple moving average of $96.06. Dover has a 12 month low of $65.83 and a 12 month high of $104.44. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.42 and a quick ratio of 0.97. The firm has a market cap of $14.85 billion, a PE ratio of 20.83, a PEG ratio of 1.52 and a beta of 1.47.
Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.60 EPS for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.09. Dover had a return on equity of 29.62% and a net margin of 9.08%. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter last year, the company earned $1.36 EPS. The company’s revenue was up 4.5% on a year-over-year basis. Sell-side analysts anticipate that Dover will post 5.84 earnings per share for the current year.
In other news, insider Jay L. Kloosterboer sold 15,416 shares of Dover stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $98.00, for a total value of $1,510,768.00. Following the transaction, the insider now owns 24,425 shares in the company, valued at approximately $2,393,650. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brad M. Cerepak sold 9,918 shares of Dover stock in a transaction on Friday, August 16th. The shares were sold at an average price of $90.93, for a total value of $901,843.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,383 shares of company stock worth $4,385,834. Corporate insiders own 1.70% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt grew its position in Dover by 44.9% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,936 shares of the industrial products company’s stock worth $194,000 after acquiring an additional 600 shares during the last quarter. Highstreet Asset Management Inc. bought a new stake in Dover during the 2nd quarter worth $462,000. Amica Mutual Insurance Co. bought a new stake in Dover during the 2nd quarter worth $414,000. Mn Services Vermogensbeheer B.V. grew its position in Dover by 199.0% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 74,225 shares of the industrial products company’s stock worth $7,437,000 after acquiring an additional 49,400 shares during the last quarter. Finally, Krane Funds Advisors LLC bought a new stake in Dover during the 2nd quarter worth $26,000. Institutional investors own 85.98% 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 through 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 and 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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