Wells Fargo & Company Forecasts Strong Price Appreciation for Dover (NYSE:DOV) Stock

Key Points

• Wells Fargo & Company has increased their price target for Dover (NYSE:DOV) stock from $180.00 to $190.00, suggesting a potential upside of 6.31% based on the company's previous close.
• Analysts have shown a generally positive outlook for Dover, with eight analysts
• Recent hedge fund activity indicates growing institutional interest in Dover, with several funds significantly boosting their holdings in the company.

Dover (NYSE:DOV - Get Free Report) had its price target lifted by investment analysts at Wells Fargo & Company from $180.00 to $190.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the industrial products company's stock. Wells Fargo & Company's target price indicates a potential upside of 6.31% from the company's previous close.

DOV has been the subject of a number of other reports. Citigroup reaffirmed a "buy" rating and issued a $226.00 target price (up from $202.00) on shares of Dover in a report on Monday, July 14th. JPMorgan Chase & Co. increased their target price on shares of Dover from $217.00 to $220.00 and gave the company an "overweight" rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Dover in a report on Wednesday, October 8th. Oppenheimer lowered their price target on shares of Dover from $225.00 to $220.00 and set an "outperform" rating on the stock in a research report on Monday. Finally, Robert W. Baird set a $235.00 price target on shares of Dover in a research report on Friday. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $212.92.

Dover Stock Performance

Shares of DOV traded down $2.51 during mid-day trading on Friday, hitting $178.72. 251,844 shares of the company's stock were exchanged, compared to its average volume of 1,065,332. Dover has a fifty-two week low of $143.04 and a fifty-two week high of $222.31. The firm has a market capitalization of $24.51 billion, a P/E ratio of 10.79, a P/E/G ratio of 1.34 and a beta of 1.26. The business's 50 day moving average is $172.10 and its two-hundred day moving average is $175.67. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

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

Hedge Funds Weigh In On Dover

A number of hedge funds have recently made changes to their positions in DOV. Brighton Jones LLC boosted its holdings in shares of Dover by 62.1% in the 4th quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock valued at $552,000 after purchasing an additional 1,128 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Dover by 104.5% in the 1st quarter. GAMMA Investing LLC now owns 3,205 shares of the industrial products company's stock valued at $563,000 after purchasing an additional 1,638 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Dover by 4.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 16,231 shares of the industrial products company's stock valued at $2,852,000 after acquiring an additional 695 shares during the period. Flagship Harbor Advisors LLC raised its stake in shares of Dover by 9.5% in the 1st quarter. Flagship Harbor Advisors LLC now owns 1,174 shares of the industrial products company's stock valued at $206,000 after acquiring an additional 102 shares during the period. Finally, Asset Management One Co. Ltd. raised its stake in shares of Dover by 5.9% in the 1st quarter. Asset Management One Co. Ltd. now owns 57,102 shares of the industrial products company's stock valued at $10,032,000 after acquiring an additional 3,185 shares during the period. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Company Profile

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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