Morgan Stanley Reiterates “Overweight” Rating for Dover Corporation (DOV)
Dover Corporation (NYSE:DOV)‘s stock had its “overweight” rating reaffirmed by research analysts at Morgan Stanley in a research note issued to investors on Monday. They currently have a $106.00 price objective on the industrial products company’s stock, up from their previous price objective of $97.00. Morgan Stanley’s price target suggests a potential upside of 13.93% from the stock’s previous close.
Several other brokerages have also weighed in on DOV. Zacks Investment Research lowered shares of Dover Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. BidaskClub lowered shares of Dover Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Citigroup Inc. increased their price target on shares of Dover Corporation from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Dover Corporation in a research note on Wednesday, June 7th. Finally, Seaport Global Securities restated a “buy” rating on shares of Dover Corporation in a research note on Monday, June 5th. Twelve equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $91.85.
Shares of Dover Corporation (NYSE DOV) opened at 93.04 on Monday. Dover Corporation has a 1-year low of $65.50 and a 1-year high of $93.04. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of 23.26 and a beta of 1.27. The company’s 50-day moving average is $87.85 and its 200 day moving average is $83.19.
Dover Corporation (NYSE:DOV) last announced its quarterly earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.03. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the previous year, the firm posted $0.76 EPS. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, equities research analysts expect that Dover Corporation will post $4.29 EPS for the current fiscal year.
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In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the sale, the director now owns 275,344 shares of the company’s stock, valued at approximately $23,965,941.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.50% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in DOV. Vanguard Group Inc. lifted its position in shares of Dover Corporation by 2.3% during the second quarter. Vanguard Group Inc. now owns 16,549,433 shares of the industrial products company’s stock worth $1,327,596,000 after purchasing an additional 370,572 shares in the last quarter. BlackRock Inc. grew its stake in shares of Dover Corporation by 3.9% during the second quarter. BlackRock Inc. now owns 10,314,301 shares of the industrial products company’s stock valued at $827,412,000 after purchasing an additional 389,449 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Dover Corporation by 9.4% during the first quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock valued at $517,953,000 after purchasing an additional 553,136 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of Dover Corporation by 0.3% during the second quarter. Pzena Investment Management LLC now owns 5,599,307 shares of the industrial products company’s stock valued at $449,176,000 after purchasing an additional 17,738 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Dover Corporation by 11.5% during the second quarter. JPMorgan Chase & Co. now owns 4,962,208 shares of the industrial products company’s stock valued at $398,069,000 after purchasing an additional 511,469 shares during the last quarter. 86.01% 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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