Dover (NYSE:DOV) Price Target Raised to $242.00

Dover (NYSE:DOV) had its price target increased by Oppenheimer from $232.00 to $242.00 in a report published on Monday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

A number of other research firms have also recently commented on DOV. Wall Street Zen raised shares of Dover from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $224.00 price objective on shares of Dover in a research report on Saturday, January 31st. JPMorgan Chase & Co. lifted their price objective on shares of Dover from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. BMO Capital Markets assumed coverage on Dover in a report on Friday, March 27th. They set a “market perform” rating and a $237.00 target price for the company. Finally, Royal Bank Of Canada lifted their target price on Dover from $199.00 to $209.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.38.

Dover Price Performance

Shares of DOV opened at $216.39 on Monday. The company has a market cap of $29.17 billion, a price-to-earnings ratio of 27.25, a PEG ratio of 1.70 and a beta of 1.25. Dover has a 1-year low of $158.14 and a 1-year high of $237.54. The company’s fifty day simple moving average is $217.02 and its 200 day simple moving average is $200.31. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.35.

Dover (NYSE:DOV) last issued its earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.03. The business had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.09 billion. Dover had a net margin of 13.52% and a return on equity of 17.87%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.20 earnings per share. On average, research analysts forecast that Dover will post 10.54 earnings per share for the current fiscal year.

Dover Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, February 27th. Dover’s payout ratio is currently 26.20%.

Insider Buying and Selling at Dover

In other Dover news, SVP Ivonne M. Cabrera sold 4,000 shares of Dover stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $233.23, for a total value of $932,920.00. Following the transaction, the senior vice president owned 72,188 shares in the company, valued at $16,836,407.24. The trade was a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard J. Tobin sold 76,997 shares of Dover stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $232.70, for a total value of $17,917,201.90. Following the completion of the transaction, the chief executive officer owned 217,979 shares in the company, valued at approximately $50,723,713.30. This represents a 26.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 82,497 shares of company stock worth $19,196,277 over the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Life Planners bought a new stake in shares of Dover during the third quarter worth about $25,000. Meeder Asset Management Inc. grew its holdings in shares of Dover by 234.2% during the fourth quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 89 shares during the last quarter. Reflection Asset Management bought a new stake in shares of Dover during the fourth quarter worth about $26,000. MV Capital Management Inc. bought a new stake in shares of Dover during the fourth quarter worth about $29,000. Finally, Tompkins Financial Corp grew its holdings in shares of Dover by 102.7% during the fourth quarter. Tompkins Financial Corp now owns 152 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 77 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

Dover Company Profile

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.