Dover Corporation (DOV) Expected to Post Quarterly Sales of $1.99 Billion
Brokerages predict that Dover Corporation (NYSE:DOV) will report sales of $1.99 billion for the current quarter, Zacks reports. Eight analysts have made estimates for Dover Corporation’s earnings. The highest sales estimate is $2.03 billion and the lowest is $1.97 billion. Dover Corporation reported sales of $1.78 billion during the same quarter last year, which would suggest a positive year over year growth rate of 11.8%. The company is scheduled to announce its next earnings results on Thursday, January 25th.
On average, analysts expect that Dover Corporation will report full-year sales of $1.99 billion for the current fiscal year, with estimates ranging from $7.78 billion to $7.84 billion. For the next financial year, analysts forecast that the firm will report sales of $8.13 billion per share, with estimates ranging from $8.03 billion to $8.25 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Dover Corporation.
Dover Corporation (NYSE:DOV) last issued its earnings results on Thursday, October 19th. The industrial products company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.05. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Dover Corporation had a return on equity of 14.10% and a net margin of 8.91%. Dover Corporation’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share.
A number of equities analysts recently weighed in on the stock. SunTrust Banks, Inc. reissued a “hold” rating and set a $96.00 target price on shares of Dover Corporation in a research note on Monday, October 23rd. Zacks Investment Research downgraded shares of Dover Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $92.00 price target on shares of Dover Corporation in a research note on Tuesday, October 17th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $96.00 price target (up from $90.00) on shares of Dover Corporation in a research note on Monday, October 9th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $106.00 price target (up from $97.00) on shares of Dover Corporation in a research note on Monday, October 2nd. Twelve equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $94.69.
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Shares of Dover Corporation (NYSE DOV) opened at $93.79 on Friday. Dover Corporation has a 12-month low of $68.10 and a 12-month high of $97.09. The stock 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. 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 company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, November 29th. Dover Corporation’s dividend payout ratio (DPR) is presently 43.72%.
In other news, Director Michael B. Stubbs sold 8,495 shares of the stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $96.30, for a total value of $818,068.50. Following the transaction, the director now owns 275,344 shares of the company’s stock, valued at approximately $26,515,627.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Goldberg sold 4,400 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $95.25, for a total transaction of $419,100.00. Following the completion of the transaction, the vice president now directly owns 4,070 shares in the company, valued at approximately $387,667.50. The disclosure for this sale can be found here. Insiders have sold a total of 54,400 shares of company stock worth $5,207,952 in the last ninety days. 2.50% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Dover Corporation by 388.2% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 1,694 shares of the industrial products company’s stock worth $155,000 after buying an additional 1,347 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Dover Corporation by 15.1% in the 2nd 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 during the last quarter. Cape Cod Five Cents Savings Bank bought a new position in shares of Dover Corporation in the 3rd quarter worth $201,000. NBT Bank N A NY bought a new position in shares of Dover Corporation in the 3rd quarter worth $202,000. Finally, Penserra Capital Management LLC increased its holdings in shares of Dover Corporation by 13.0% in the 2nd quarter. Penserra Capital Management LLC now owns 2,236 shares of the industrial products company’s stock worth $179,000 after buying an additional 258 shares during the last quarter. 84.99% of the stock is currently owned by hedge funds and other 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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