Dover (NYSE:DOV) Reaches New 52-Week Low on Analyst Downgrade

Dover Co. (NYSE:DOVGet Rating)’s stock price reached a new 52-week low on Thursday after The Goldman Sachs Group lowered their price target on the stock from $176.00 to $146.00. The Goldman Sachs Group currently has a buy rating on the stock. Dover traded as low as $117.17 and last traded at $118.58, with a volume of 2012042 shares traded. The stock had previously closed at $119.42.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company decreased their price target on shares of Dover from $161.00 to $159.00 and set an “equal weight” rating on the stock in a research note on Friday, April 22nd. Morgan Stanley cut their price objective on shares of Dover from $161.00 to $149.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 31st. Robert W. Baird cut their price objective on shares of Dover from $194.00 to $169.00 in a research report on Thursday, April 21st. Barclays cut their price objective on shares of Dover from $155.00 to $140.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 24th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Dover from $187.00 to $182.00 and set a “hold” rating for the company in a research report on Thursday, April 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $171.67.

In related news, SVP David J. Malinas purchased 350 shares of the company’s stock in a transaction on Monday, April 25th. The stock was acquired at an average cost of $139.44 per share, for a total transaction of $48,804.00. Following the completion of the transaction, the senior vice president now directly owns 2,744 shares in the company, valued at $382,623.36. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.20% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in DOV. Norges Bank acquired a new position in shares of Dover in the fourth quarter valued at approximately $249,199,000. JPMorgan Chase & Co. grew its holdings in shares of Dover by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 12,039,850 shares of the industrial products company’s stock valued at $1,889,052,000 after purchasing an additional 731,961 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Dover by 277.1% in the fourth quarter. Millennium Management LLC now owns 803,269 shares of the industrial products company’s stock valued at $145,874,000 after purchasing an additional 590,242 shares in the last quarter. Ceredex Value Advisors LLC acquired a new position in shares of Dover in the first quarter valued at approximately $83,771,000. Finally, Castleview Partners LLC acquired a new position in shares of Dover in the fourth quarter valued at approximately $2,881,000. Hedge funds and other institutional investors own 84.14% of the company’s stock.

The business’s 50 day moving average is $132.97 and its 200-day moving average is $153.77. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.44 and a quick ratio of 0.85. The company has a market cap of $17.09 billion, a PE ratio of 15.44, a P/E/G ratio of 1.00 and a beta of 1.42.

Dover (NYSE:DOVGet Rating) last issued its quarterly earnings results on Thursday, April 21st. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.06. Dover had a net margin of 13.81% and a return on equity of 27.82%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the previous year, the firm earned $1.81 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Dover Co. will post 8.55 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Tuesday, May 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 27th. This represents a $2.00 dividend on an annualized basis and a yield of 1.69%. Dover’s dividend payout ratio is currently 26.04%.

Dover Company Profile (NYSE:DOV)

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides various equipment, component, software, solution, and services that are used in aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.

Featured Articles

Receive News & Ratings for Dover Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dover and related companies with MarketBeat.com's FREE daily email newsletter.