Dover Corporation (DOV) Hits New 1-Year High on Analyst Upgrade
Shares of Dover Corporation (NYSE:DOV) hit a new 52-week high during trading on Tuesday after J P Morgan Chase & Co upgraded the stock from a neutral rating to an overweight rating. J P Morgan Chase & Co now has a $105.00 price target on the stock, up from their previous price target of $80.00. Dover Corporation traded as high as $92.79 and last traded at $92.79, with a volume of 182,023 shares trading hands. The stock had previously closed at $92.49.
Other equities analysts have also issued research reports about the company. BidaskClub raised Dover Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Bank of America Corporation boosted their price objective on Dover Corporation from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Seaport Global Securities reissued a “buy” rating on shares of Dover Corporation in a research note on Monday, June 5th. Zacks Investment Research raised Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Tuesday, July 18th. Finally, Robert W. Baird set a $91.00 price objective on Dover Corporation and gave the stock a “buy” rating in a research note on Thursday, August 24th. Twelve equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Dover Corporation currently has an average rating of “Hold” and a consensus price target of $91.85.
In related news, Director Michael B. Stubbs sold 25,000 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $87.04, for a total value of $2,176,000.00. Following the completion of the sale, the director now owns 275,344 shares in the company, valued at $23,965,941.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.50% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. IFP Advisors Inc increased its holdings in shares of Dover Corporation by 15.1% in the second quarter. IFP Advisors Inc now owns 1,728 shares of the industrial products company’s stock worth $139,000 after acquiring an additional 227 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Dover Corporation by 5,446.9% in the first quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the industrial products company’s stock worth $143,000 after acquiring an additional 1,743 shares in the last quarter. Penserra Capital Management LLC increased its holdings in shares of Dover Corporation by 13.0% in the second quarter. Penserra Capital Management LLC now owns 2,236 shares of the industrial products company’s stock worth $179,000 after acquiring an additional 258 shares in the last quarter. First Mercantile Trust Co. increased its holdings in shares of Dover Corporation by 10.1% in the second quarter. First Mercantile Trust Co. now owns 2,327 shares of the industrial products company’s stock worth $187,000 after acquiring an additional 213 shares in the last quarter. Finally, Harfst & Associates Inc. bought a new stake in shares of Dover Corporation in the first quarter worth about $200,000. Institutional investors own 86.01% of the company’s stock.
The firm has a market capitalization of $14.59 billion, a P/E ratio of 23.42 and a beta of 1.27. The stock has a 50 day moving average of $88.10 and a 200 day moving average of $83.26.
Dover Corporation (NYSE:DOV) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.03. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.94 billion. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The firm’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 EPS. Analysts predict that Dover Corporation will post $4.29 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.01%. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. The ex-dividend date was Tuesday, August 29th. Dover Corporation’s payout ratio is currently 47.12%.
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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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