Dover (NYSE:DOV) Hits New 12-Month High Following Better-Than-Expected Earnings

Dover Corp (NYSE:DOV)’s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $103.58 and last traded at $102.85, with a volume of 16963 shares. The stock had previously closed at $95.82.

The industrial products company reported $1.60 EPS for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.09. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.81 billion. Dover had a return on equity of 29.22% and a net margin of 8.50%. Dover’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.36 earnings per share.

A number of analysts have commented on DOV shares. Royal Bank of Canada boosted their target price on Dover to $97.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 11th. Robert W. Baird boosted their target price on Dover from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday. Citigroup boosted their target price on Dover from $113.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday. Barclays boosted their target price on Dover from $112.00 to $116.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Morgan Stanley boosted their target price on Dover from $103.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $100.76.

In other news, insider Brad M. Cerepak sold 9,918 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $90.93, for a total value of $901,843.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William Spurgeon sold 20,049 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $98.42, for a total value of $1,973,222.58. Following the completion of the transaction, the vice president now directly owns 5,296 shares of the company’s stock, valued at $521,232.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,383 shares of company stock valued at $4,385,834. Insiders own 1.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Shamrock Asset Management LLC acquired a new position in shares of Dover in the second quarter worth $26,000. Coastal Investment Advisors Inc. raised its holdings in shares of Dover by 154.4% in the second quarter. Coastal Investment Advisors Inc. now owns 262 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 159 shares during the last quarter. Krane Funds Advisors LLC acquired a new position in shares of Dover in the second quarter worth $26,000. Motco acquired a new position in Dover in the second quarter valued at $28,000. Finally, NuWave Investment Management LLC increased its stake in Dover by 229.1% in the second quarter. NuWave Investment Management LLC now owns 283 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 197 shares during the last quarter. 85.99% of the stock is owned by institutional investors.

The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 20.57, a price-to-earnings-growth ratio of 1.43 and a beta of 1.47. The company has a 50 day moving average of $96.79 and a 200 day moving average of $95.95. The company has a quick ratio of 0.91, a current ratio of 1.34 and a debt-to-equity ratio of 1.00.

About Dover (NYSE:DOV)

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.

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