Citigroup Inc. reiterated their neutral rating on shares of Dover Corporation (NYSE:DOV) in a report issued on Monday morning. Citigroup Inc. currently has a $96.00 target price on the industrial products company’s stock, up from their prior target price of $90.00.
Several other equities research analysts have also recently weighed in on the company. Morgan Stanley restated an overweight rating and set a $106.00 target price (up from $97.00) on shares of Dover Corporation in a research note on Monday, October 2nd. J P Morgan Chase & Co upgraded Dover Corporation from a neutral rating to an overweight rating and upped their target price for the stock from $80.00 to $105.00 in a research note on Wednesday, September 20th. Seaport Global Securities restated a neutral rating on shares of Dover Corporation in a research note on Wednesday, September 13th. Robert W. Baird restated a buy rating and set a $95.00 target price on shares of Dover Corporation in a research note on Tuesday, September 12th. Finally, Royal Bank Of Canada restated a hold rating and set a $91.00 target price on shares of Dover Corporation in a research note on Wednesday, September 6th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $93.31.
Shares of Dover Corporation (NYSE:DOV) opened at 94.07 on Monday. The company’s 50-day moving average price is $89.72 and its 200-day moving average price is $83.89. The firm has a market capitalization of $14.65 billion, a PE ratio of 23.52 and a beta of 1.27. Dover Corporation has a 12-month low of $65.50 and a 12-month high of $94.50.
Dover Corporation (NYSE:DOV) last released its earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.03. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the company earned $0.76 earnings per share. The company’s quarterly revenue was up 18.2% on a year-over-year basis. Analysts anticipate that Dover Corporation will post $4.29 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.00%. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Tuesday, August 29th. Dover Corporation’s dividend payout ratio is presently 47.12%.
In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the completion of the sale, the director now directly owns 275,344 shares in the company, valued at approximately $23,965,941.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Dover Corporation by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 16,549,433 shares of the industrial products company’s stock worth $1,327,596,000 after acquiring an additional 370,572 shares during the period. BlackRock Inc. grew its holdings in Dover Corporation by 3.9% during the 2nd quarter. BlackRock Inc. now owns 10,314,301 shares of the industrial products company’s stock worth $827,412,000 after acquiring an additional 389,449 shares during the period. Bank of America Corp DE grew its holdings in Dover Corporation by 9.4% during the 1st quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock worth $517,953,000 after acquiring an additional 553,136 shares during the period. Pzena Investment Management LLC grew its holdings in Dover Corporation by 0.3% during the 2nd quarter. Pzena Investment Management LLC now owns 5,599,307 shares of the industrial products company’s stock worth $449,176,000 after acquiring an additional 17,738 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Dover Corporation by 11.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,962,208 shares of the industrial products company’s stock worth $398,069,000 after acquiring an additional 511,469 shares during the period. Hedge funds and other institutional investors own 86.01% of the company’s stock.
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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