Dover (DOV) Sets New 52-Week High Following Earnings Beat

Dover Corp (NYSE:DOV)’s share price reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $107.05 and last traded at $107.05, with a volume of 3560027 shares trading hands. The stock had previously closed at $103.68.

The industrial products company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. Dover had a net margin of 8.91% and a return on equity of 14.10%. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter last year, the business posted $1.03 EPS. The company’s revenue was up 13.5% on a year-over-year basis.

A number of equities analysts recently commented on DOV shares. Citigroup reaffirmed a “neutral” rating and issued a $96.00 price objective (up previously from $90.00) on shares of Dover in a research note on Monday, October 9th. SunTrust Banks reaffirmed a “hold” rating and issued a $90.00 price objective on shares of Dover in a research note on Thursday, October 12th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $92.00 price objective on shares of Dover in a research note on Tuesday, October 17th. Zacks Investment Research raised shares of Dover from a “hold” rating to a “buy” rating and set a $106.00 price objective for the company in a research note on Tuesday, October 17th. Finally, ValuEngine lowered shares of Dover from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Thirteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $99.58.

In other Dover news, VP William T. Bosway sold 6,087 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.66, for a total value of $576,195.42. Following the completion of the sale, the vice president now owns 21,877 shares in the company, valued at approximately $2,070,876.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Stephen Gary Kennon sold 2,359 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $94.40, for a total transaction of $222,689.60. Following the completion of the sale, the senior vice president now owns 5,192 shares of the company’s stock, valued at approximately $490,124.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,876 shares of company stock valued at $1,026,090. Insiders own 2.50% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in Dover by 17.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,810,306 shares of the industrial products company’s stock worth $531,702,000 after buying an additional 848,098 shares in the last quarter. Pzena Investment Management LLC raised its holdings in shares of Dover by 0.3% during the 3rd quarter. Pzena Investment Management LLC now owns 5,613,811 shares of the industrial products company’s stock valued at $513,046,000 after purchasing an additional 14,504 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Dover by 2.3% during the 3rd quarter. Wells Fargo & Company MN now owns 3,205,690 shares of the industrial products company’s stock valued at $292,968,000 after purchasing an additional 73,375 shares in the last quarter. Third Point LLC bought a new position in shares of Dover during the 3rd quarter valued at $150,794,000. Finally, Bessemer Group Inc. raised its holdings in shares of Dover by 3.2% during the 3rd quarter. Bessemer Group Inc. now owns 1,648,845 shares of the industrial products company’s stock valued at $150,689,000 after purchasing an additional 50,810 shares in the last quarter. Institutional investors own 84.66% of the company’s stock.

The stock has a market capitalization of $16,550.00, a price-to-earnings ratio of 20.62, a price-to-earnings-growth ratio of 1.74 and a beta of 1.29. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.87 and a current ratio of 1.32.

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About Dover

Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.

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