Dover (NYSE:DOV) Price Target Raised to $126.00 at Bank of America

Dover (NYSE:DOV) had its target price lifted by Bank of America from $122.00 to $126.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other research firms also recently commented on DOV. Zacks Investment Research raised shares of Dover from a hold rating to a buy rating and set a $107.00 price objective for the company in a report on Thursday, July 16th. Oppenheimer reaffirmed a hold rating on shares of Dover in a research note on Tuesday. Seaport Global Securities reiterated a neutral rating on shares of Dover in a research report on Thursday, July 23rd. Morgan Stanley boosted their price objective on shares of Dover from $107.00 to $117.00 and gave the company an overweight rating in a report on Thursday, July 23rd. Finally, Robert W. Baird upgraded shares of Dover from a neutral rating to an outperform rating and set a $123.00 price objective for the company in a report on Friday, July 17th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $104.50.

Shares of Dover stock opened at $113.98 on Tuesday. The company has a fifty day moving average price of $109.31 and a 200 day moving average price of $96.90. The company has a current ratio of 1.32, a quick ratio of 0.91 and a debt-to-equity ratio of 0.97. Dover has a twelve month low of $62.95 and a twelve month high of $120.26. The stock has a market cap of $16.41 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 1.89 and a beta of 1.42.

Dover (NYSE:DOV) last announced its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.20. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Dover had a net margin of 9.99% and a return on equity of 27.33%. The firm’s revenue was down 20.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 EPS. Analysts forecast that Dover will post 5.19 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a $0.495 dividend. The ex-dividend date of this dividend was Friday, August 28th. This is an increase from Dover’s previous quarterly dividend of $0.49. This represents a $1.98 annualized dividend and a dividend yield of 1.74%. Dover’s dividend payout ratio is 33.39%.

Institutional investors have recently made changes to their positions in the business. Parametric Portfolio Associates LLC grew its stake in Dover by 9.5% during the first quarter. Parametric Portfolio Associates LLC now owns 496,614 shares of the industrial products company’s stock worth $41,686,000 after buying an additional 43,007 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Dover by 14.5% during the second quarter. Envestnet Asset Management Inc. now owns 140,404 shares of the industrial products company’s stock worth $13,557,000 after buying an additional 17,792 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in Dover by 71.1% during the first quarter. Treasurer of the State of North Carolina now owns 59,854 shares of the industrial products company’s stock worth $5,024,000 after buying an additional 24,866 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its stake in Dover by 634.5% during the second quarter. Municipal Employees Retirement System of Michigan now owns 15,130 shares of the industrial products company’s stock worth $1,461,000 after buying an additional 13,070 shares in the last quarter. Finally, Congress Asset Management Co. MA grew its stake in Dover by 10.1% during the second quarter. Congress Asset Management Co. MA now owns 573,619 shares of the industrial products company’s stock worth $55,389,000 after buying an additional 52,648 shares in the last quarter. Hedge funds and other institutional investors own 82.96% 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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Analyst Recommendations for Dover (NYSE:DOV)

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