Zacks Investment Research Lowers Dover Corporation (DOV) to Hold

Zacks Investment Research downgraded shares of Dover Corporation (NYSE:DOV) from a buy rating to a hold rating in a report issued on Monday, October 23rd.

According to Zacks, “Dover’s third-quarter revenues and earnings improved on a year-over-year basis and beat the respective Zacks Consensus Estimate on the back of continued strength in its global markets. The quarter ended with robust bookings and backlog that bodes well for the fourth quarter. Dover guides 2017 adjusted EPS in the $4.23-$4.33 range, an increase of 38% year over year at the mid-point. The company’s planned separation of its Wellsite business and the sale of consumer and industrial winch business of Warn will help in streamlining portfolio. It will aid the company to invest in market-leading platforms with strong margin profiles. Dover will benefit from cost saving actions, significant drilling activity and fast-growing digital textile printing market. The stock has outperformed its industry year to date. However, continued softness in the commercial cooking equipment markets and increased raw material costs will impact results.”

DOV has been the topic of several other research reports. Robert W. Baird set a $91.00 price target on Dover Corporation and gave the company a buy rating in a research note on Thursday, August 24th. BMO Capital Markets reissued a buy rating and issued a $94.00 target price on shares of Dover Corporation in a research note on Sunday, August 27th. SunTrust Banks, Inc. reissued a hold rating and issued a $90.00 target price on shares of Dover Corporation in a research note on Thursday, October 12th. Citigroup Inc. reissued a neutral rating and issued a $96.00 target price (up previously from $90.00) on shares of Dover Corporation in a research note on Monday, October 9th. Finally, Royal Bank of Canada restated a hold rating and issued a $91.00 price target on shares of Dover Corporation in a report on Wednesday, September 6th. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $94.69.

Dover Corporation (DOV) traded down $0.22 during trading on Monday, reaching $93.79. The company’s stock had a trading volume of 893,700 shares, compared to its average volume of 1,245,757. The company has a current ratio of 1.32, a quick ratio of 0.87 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $14,645.92, a price-to-earnings ratio of 26.04, a P/E/G ratio of 1.84 and a beta of 1.28. Dover Corporation has a one year low of $68.10 and a one year high of $97.09.

Dover Corporation (NYSE:DOV) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.05. Dover Corporation had a return on equity of 14.10% and a net margin of 8.91%. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The business’s revenue was up 17.5% on a year-over-year basis. equities analysts forecast that Dover Corporation will post 3.94 EPS for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.88 annualized dividend and a yield of 2.00%. Dover Corporation’s dividend payout ratio (DPR) is presently 43.72%.

In other news, VP Paul Goldberg sold 4,400 shares of the firm’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $95.25, for a total value of $419,100.00. Following the completion of the sale, the vice president now directly owns 4,070 shares of the company’s stock, valued at $387,667.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael B. Stubbs sold 41,505 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $95.67, for a total value of $3,970,783.35. Following the completion of the sale, the director now directly owns 275,344 shares of the company’s stock, valued at $26,342,160.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,400 shares of company stock valued at $5,207,952. Insiders own 2.50% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Dover Corporation by 1,664.3% during the 1st quarter. BlackRock Inc. now owns 9,924,852 shares of the industrial products company’s stock worth $797,462,000 after purchasing an additional 9,362,330 shares during the last quarter. Third Point LLC acquired a new stake in Dover Corporation during the 3rd quarter worth approximately $150,794,000. Cramer Rosenthal Mcglynn LLC lifted its holdings in Dover Corporation by 132.6% during the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,797,775 shares of the industrial products company’s stock worth $144,218,000 after purchasing an additional 1,024,890 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Dover Corporation by 17.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,810,306 shares of the industrial products company’s stock worth $531,702,000 after purchasing an additional 848,098 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in Dover Corporation by 108.3% during the 2nd quarter. Bessemer Group Inc. now owns 1,598,035 shares of the industrial products company’s stock worth $128,193,000 after purchasing an additional 830,946 shares during the last quarter. 84.99% of the stock is owned by institutional investors.

About Dover Corporation

Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.

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Analyst Recommendations for Dover Corporation (NYSE:DOV)

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