Dover Corporation (DOV) Sets New 1-Year High Following Analyst Upgrade

Shares of Dover Corporation (NYSE:DOV) reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $95.00 to $97.00. Morgan Stanley currently has an overweight rating on the stock. Dover Corporation traded as high as $91.14 and last traded at $91.20, with a volume of 392,858 shares trading hands. The stock had previously closed at $90.05.

Several other analysts have also recently commented on DOV. Zacks Investment Research cut Dover Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Robert W. Baird reissued a “buy” rating and issued a $95.00 price target on shares of Dover Corporation in a report on Tuesday, September 12th. Seaport Global Securities reissued a “neutral” rating on shares of Dover Corporation in a report on Wednesday, September 13th. BidaskClub cut Dover Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Dover Corporation in a report on Wednesday, June 7th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $90.00.

In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 275,344 shares of the company’s stock, valued at $23,965,941.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.50% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in DOV. IFP Advisors Inc increased its position in Dover Corporation by 15.1% during the second quarter. IFP Advisors Inc now owns 1,728 shares of the industrial products company’s stock worth $139,000 after buying an additional 227 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Dover Corporation by 5,446.9% during the first quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the industrial products company’s stock worth $143,000 after buying an additional 1,743 shares in the last quarter. Penserra Capital Management LLC increased its position in Dover Corporation by 9.5% during the first quarter. Penserra Capital Management LLC now owns 1,978 shares of the industrial products company’s stock worth $158,000 after buying an additional 172 shares in the last quarter. First Mercantile Trust Co. increased its position in Dover Corporation by 10.1% during the second quarter. First Mercantile Trust Co. now owns 2,327 shares of the industrial products company’s stock worth $187,000 after buying an additional 213 shares in the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA purchased a new position in Dover Corporation during the first quarter worth $200,000. 86.01% of the stock is owned by institutional investors.

The firm has a 50-day moving average of $85.86 and a 200-day moving average of $82.11. The company has a market capitalization of $14.19 billion, a P/E ratio of 22.78 and a beta of 1.26.

Dover Corporation (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.03. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.94 billion. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.76 EPS. On average, analysts forecast 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. Shareholders of record on Thursday, August 31st were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.88 dividend on an annualized basis and a yield of 2.09%. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. Dover Corporation’s payout ratio is currently 47.12%.

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Dover Corporation Company Profile

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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