Dover Corporation (NYSE:DOV) Stock Has Consensus Price Target of $238.60

Key Points

• Analysts give Dover a “Moderate Buy” consensus: 11 of 16 covering analysts rate it a buy, and the average 12-month price target is $238.60.
• Quarterly results modestly beat expectations: Dover reported $2.88 in EPS versus $2.85 expected, while revenue rose 7.5% year over year to $2.23 billion.
• The company declared a quarterly dividend of $0.525 per share, equivalent to $2.10 annually and a 1.0% yield. CEO Richard Tobin also sold 86,440 shares, reducing his position by 28.88%.

Dover Corporation (NYSE:DOV - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the sixteen analysts that are presently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $238.60.

Several research firms have issued reports on DOV. Wells Fargo & Company increased their price objective on Dover from $229.00 to $233.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. Mizuho decreased their target price on shares of Dover from $270.00 to $245.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. Citigroup increased their price target on shares of Dover from $266.00 to $268.00 and gave the company a "buy" rating in a report on Friday, October 23rd. BMO Capital Markets upgraded shares of Dover from a "market perform" rating to an "outperform" rating and cut their price target for the company from $255.00 to $240.00 in a report on Friday, July 24th. Finally, Wall Street Zen downgraded shares of Dover from a "buy" rating to a "hold" rating in a report on Saturday, July 25th.

Insider Activity

In other news, CEO Richard Tobin sold 86,440 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $214.86, for a total transaction of $18,572,498.40. Following the sale, the chief executive officer owned 212,855 shares of the company's stock, valued at $45,734,025.30. The trade was a 28.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Dover

Several hedge funds and other institutional investors have recently bought and sold shares of DOV. BlackRock Inc. acquired a new stake in Dover in the 2nd quarter valued at about $2,347,134,000. Bank of America Corp DE purchased a new position in Dover during the 2nd quarter valued at about $625,375,000. Bank of New York Mellon Corp acquired a new position in Dover during the second quarter worth about $591,207,000. Hsbc Holdings PLC acquired a new position in Dover during the second quarter worth about $211,269,000. Finally, Legal & General Group Plc purchased a new stake in shares of Dover in the second quarter valued at about $183,574,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Stock Performance

NYSE DOV traded up $0.09 on Friday, hitting $209.56. 1,010,502 shares of the company's stock were exchanged, compared to its average volume of 1,443,070. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.95 and a quick ratio of 1.37. The firm's 50-day moving average price is $196.51 and its two-hundred day moving average price is $209.79. Dover has a fifty-two week low of $177.87 and a fifty-two week high of $237.54. The firm has a market cap of $27.87 billion, a price-to-earnings ratio of 24.42, a P/E/G ratio of 1.80 and a beta of 1.10.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.85 by $0.03. Dover had a return on equity of 18.68% and a net margin of 13.60%. The business had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same period last year, the firm earned $2.62 EPS. The company's quarterly revenue was up 7.5% compared to the same quarter last year. On average, research analysts expect that Dover will post 10.73 EPS for the current year.

Dover Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a $0.5250 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $2.10 dividend on an annualized basis and a yield of 1.0%. Dover's dividend payout ratio (DPR) is 24.48%.

Dover Company Profile

Dover Corporation is a diversified manufacturer of equipment and components for industrial and commercial markets. Founded in 1955, the company has grown through a combination of product development and acquisitions and serves customers around the world. Dover's businesses operate across areas including engineered products, clean energy and fueling, imaging and identification, pumps and process solutions, and climate and sustainability technologies. Its products include fueling and vehicle-service equipment, pumps and fluid-handling systems, packaging and marking equipment, and components used in industrial and commercial applications.

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