Citigroup Increases Dover (NYSE:DOV) Price Target to $253.00

Key Points

• Citigroup raised its price target on Dover from $231 to $253 and maintained a "buy" rating, implying roughly a 16.9% upside from the current share price.
• Multiple other firms have recently upgraded Dover or lifted targets (e.g., Wells Fargo, Robert W. Baird, JPMorgan), leaving a MarketBeat consensus of "Moderate Buy" with an average target of $228.62.
• Dover recently reported a quarterly EPS beat of $2.51 vs. $2.48 and revenue of $2.10B (up 8.8% YoY), and analysts expect roughly 9.45 EPS for the current year.

Dover (NYSE:DOV - Get Free Report) had its target price lifted by equities researchers at Citigroup from $231.00 to $253.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. Citigroup's price target suggests a potential upside of 16.87% from the company's current price.

A number of other research firms also recently weighed in on DOV. Wells Fargo & Company raised Dover from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $210.00 to $230.00 in a research note on Tuesday, March 17th. Robert W. Baird set a $255.00 price objective on Dover in a research note on Friday, January 30th. Weiss Ratings upgraded Dover from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 6th. The Goldman Sachs Group reiterated a "buy" rating and issued a $224.00 target price on shares of Dover in a research note on Saturday, January 31st. Finally, JPMorgan Chase & Co. upped their price objective on Dover from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $228.62.

Dover Trading Down 0.3%

Shares of DOV traded down $0.64 during trading hours on Monday, hitting $216.48. 174,951 shares of the stock traded hands, compared to its average volume of 1,244,622. The business has a fifty day moving average of $217.47 and a 200-day moving average of $197.64. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.35. Dover has a 1-year low of $155.45 and a 1-year high of $237.54. The firm has a market capitalization of $29.18 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 1.67 and a beta of 1.25.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The industrial products company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.03. Dover had a net margin of 13.52% and a return on equity of 17.87%. The business had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the business posted $2.20 earnings per share. The firm's quarterly revenue was up 8.8% on a year-over-year basis. Analysts expect that Dover will post 9.45 EPS for the current year.

Insider Buying and Selling

In other Dover news, CEO Richard J. Tobin sold 76,997 shares of the firm's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the sale, the chief executive officer directly owned 217,979 shares of the company's stock, valued at $50,723,713.30. This trade represents a 26.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Girish Juneja sold 1,500 shares of the firm's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $230.77, for a total value of $346,155.00. Following the transaction, the vice president owned 8,422 shares of the company's stock, valued at approximately $1,943,544.94. The trade was a 15.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 82,497 shares of company stock valued at $19,196,277. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dover

Large investors have recently made changes to their positions in the business. Meeder Asset Management Inc. boosted its position in Dover by 234.2% in the 4th quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company's stock worth $25,000 after purchasing an additional 89 shares in the last quarter. Reflection Asset Management purchased a new position in Dover in the fourth quarter valued at $26,000. Financial Life Planners purchased a new position in Dover in the third quarter valued at $25,000. MV Capital Management Inc. purchased a new position in Dover in the fourth quarter valued at $29,000. Finally, Tompkins Financial Corp boosted its stake in shares of Dover by 102.7% during the 4th quarter. Tompkins Financial Corp now owns 152 shares of the industrial products company's stock worth $30,000 after acquiring an additional 77 shares in the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

About Dover

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover's activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

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