Dover (NYSE:DOV) Rating Increased to Overweight at Wells Fargo & Company

Dover (NYSE:DOV) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has a $230.00 target price on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.88% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. BNP Paribas Exane initiated coverage on shares of Dover in a research report on Thursday, December 4th. They issued a “neutral” rating and a $195.00 price objective on the stock. Morgan Stanley set a $210.00 target price on Dover in a report on Wednesday, February 4th. Royal Bank Of Canada boosted their price target on Dover from $199.00 to $209.00 and gave the company a “sector perform” rating in a report on Friday, January 30th. UBS Group set a $256.00 price objective on Dover and gave the stock a “buy” rating in a research report on Sunday, January 4th. Finally, Barclays set a $206.00 price objective on Dover in a report on Monday, February 2nd. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $225.67.

Dover Price Performance

NYSE DOV opened at $207.43 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.79. The stock has a market cap of $27.98 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 1.57 and a beta of 1.27. The business has a 50 day simple moving average of $215.21 and a 200 day simple moving average of $192.77. Dover has a 52-week low of $143.04 and a 52-week high of $237.54.

Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.03. The firm had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.09 billion. Dover had a net margin of 13.52% and a return on equity of 17.87%. The business’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.20 earnings per share. Analysts anticipate that Dover will post 9.45 earnings per share for the current fiscal year.

Insider Transactions at Dover

In related news, CEO Richard J. Tobin sold 76,997 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the completion of the transaction, the chief executive officer directly owned 217,979 shares of the company’s stock, valued at approximately $50,723,713.30. This represents a 26.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Girish Juneja sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $230.77, for a total value of $346,155.00. Following the completion of the transaction, the vice president owned 8,422 shares of the company’s stock, valued at approximately $1,943,544.94. This represents a 15.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 82,497 shares of company stock worth $19,196,277 in the last three months. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Dover

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Financial Life Planners bought a new position in shares of Dover in the third quarter valued at $25,000. Meeder Asset Management Inc. lifted its stake in Dover by 234.2% in the fourth quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 89 shares during the last quarter. Reflection Asset Management acquired a new stake in Dover in the fourth quarter valued at $26,000. MV Capital Management Inc. bought a new position in shares of Dover in the 4th quarter valued at about $29,000. Finally, Tompkins Financial Corp increased its stake in shares of Dover by 102.7% during the 4th 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.