Dover (NYSE:DOV) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised its target price for Dover's stock from $217 to $220, indicating a potential upside of 35.32% from the previous close.
• Other analysts have also increased their target prices, with Robert W. Baird setting a new target of $234, contributing to an overall positive outlook with a consensus price target of $212.67.
• Dover's recent performance shows an increase in market interest, with significant stakes purchased by institutional investors and the company demonstrating strong quarterly earnings and a solid financial position.

Dover (NYSE:DOV - Get Free Report) had its target price increased by research analysts at JPMorgan Chase & Co. from $217.00 to $220.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the industrial products company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 35.32% from the stock's previous close.

Several other research firms also recently weighed in on DOV. Robert W. Baird lifted their target price on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Dover in a report on Wednesday, October 8th. Barclays decreased their price objective on shares of Dover from $193.00 to $190.00 and set an "equal weight" rating for the company in a report on Wednesday, October 1st. Citigroup reiterated a "buy" rating and set a $226.00 price objective (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Finally, Royal Bank Of Canada lifted their price objective on shares of Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $212.67.

Dover Stock Up 0.9%

Shares of DOV opened at $162.58 on Wednesday. The company has a market cap of $22.29 billion, a PE ratio of 9.81, a P/E/G ratio of 1.28 and a beta of 1.26. The business has a fifty day moving average of $173.13 and a 200 day moving average of $175.59. Dover has a 52-week low of $143.04 and a 52-week high of $222.31. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings results on Thursday, June 30th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter. The company had revenue of $1.78 billion during the quarter. Dover had a return on equity of 18.19% and a net margin of 29.29%. On average, sell-side analysts expect that Dover will post 9.45 EPS for the current year.

Institutional Investors Weigh In On Dover

Large investors have recently modified their holdings of the business. AdvisorShares Investments LLC purchased a new stake in Dover in the 2nd quarter worth approximately $30,000. North Capital Inc. purchased a new stake in Dover in the 1st quarter worth approximately $29,000. Vermillion & White Wealth Management Group LLC boosted its position in Dover by 122.4% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the industrial products company's stock worth $31,000 after purchasing an additional 93 shares in the last quarter. Caldwell Trust Co purchased a new stake in Dover in the 2nd quarter worth approximately $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in Dover in the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 84.46% of the company's stock.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.

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