Oppenheimer Boosts Dover (NYSE:DOV) Price Target to $242.00

Key Points

• Oppenheimer raised its price target on Dover from $232.00 to $242.00 while keeping an "outperform" rating, implying about a 9.38% upside from the prior close.
• Several firms have upgraded Dover recently, leaving the consensus at a Moderate Buy with an average price target of $229.38 (nine Buy ratings vs. five Hold ratings).
• Insider activity is notable: CEO Richard J. Tobin sold 76,997 shares for roughly $17.9M (a 26.1% reduction in his holdings), and insiders have sold 82,497 shares over the past 90 days.

Dover (NYSE:DOV - Get Free Report) had its target price lifted by analysts at Oppenheimer from $232.00 to $242.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the industrial products company's stock. Oppenheimer's price target indicates a potential upside of 9.38% from the stock's previous close.

A number of other analysts also recently weighed in on the company. Wall Street Zen upgraded Dover from a "hold" rating to a "buy" rating in a research note on Saturday, February 28th. Weiss Ratings upgraded Dover from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 6th. JPMorgan Chase & Co. lifted their price target on Dover from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Wells Fargo & Company upgraded Dover from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $210.00 to $230.00 in a research note on Tuesday, March 17th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $224.00 price target on shares of Dover in a research note on Saturday, January 31st. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $229.38.

Dover Stock Up 1.0%

DOV traded up $2.19 on Monday, reaching $221.26. The company's stock had a trading volume of 241,609 shares, compared to its average volume of 1,243,955. The stock has a 50 day moving average of $217.60 and a two-hundred day moving average of $199.43. The company has a quick ratio of 1.28, a current ratio of 1.79 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $29.83 billion, a price-to-earnings ratio of 27.86, a P/E/G ratio of 1.69 and a beta of 1.25. Dover has a fifty-two week low of $155.45 and a fifty-two week high of $237.54.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.03. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.09 billion. Dover had a return on equity of 17.87% and a net margin of 13.52%.The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.20 earnings per share. As a group, analysts forecast that Dover will post 9.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard J. Tobin sold 76,997 shares of Dover stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 217,979 shares of the company's stock, valued at approximately $50,723,713.30. The trade was a 26.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Girish Juneja sold 1,500 shares of Dover stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $230.77, for a total value of $346,155.00. Following the transaction, the vice president directly owned 8,422 shares of the company's stock, valued at approximately $1,943,544.94. This represents a 15.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 82,497 shares of company stock valued at $19,196,277. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Dover

Several hedge funds have recently bought and sold shares of the stock. Fifth Third Wealth Advisors LLC increased its position in Dover by 22.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 2,356 shares of the industrial products company's stock worth $491,000 after buying an additional 438 shares in the last quarter. OP Asset Management Ltd purchased a new position in Dover during the first quarter worth $3,357,000. Banque Cantonale Vaudoise increased its position in Dover by 7.1% during the first quarter. Banque Cantonale Vaudoise now owns 6,933 shares of the industrial products company's stock worth $1,445,000 after buying an additional 459 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Dover by 42.2% during the first quarter. Assenagon Asset Management S.A. now owns 78,772 shares of the industrial products company's stock worth $16,420,000 after buying an additional 23,362 shares in the last quarter. Finally, Richards Merrill & Peterson Inc. purchased a new position in Dover during the first quarter worth $208,000. Hedge funds and other institutional investors own 84.46% of the company's stock.

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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