Dover (NYSE: DOV) Reaches New 12-Month Low on Analyst Downgrade

Dover Co. (NYSE: DOV – Get Rating) shares reached a new 52-week low on Thursday after The Goldman Sachs Group lowered their price target on the stock from $ 176.00 to $ 146.00. The Goldman Sachs Group currently has a buy rating on the stock. Dover traded as low as $ 117.17 and last traded at $ 118.58, with a volume of 2012042 shares traded. The stock had closed yesterday at $ 119.42.

Several other research firms have also weighed in on DOV. StockNews.com lowered shares of Dover from a “buy” rating to a “hold” rating in a report on Thursday, June 9th. Robert W. Baird reduced their target price on shares of Dover from $ 194.00 to $ 169.00 in a report on Thursday, April 21st. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Dover from $ 187.00 to $ 182.00 and set a “hold” rating on the stock in a report on Thursday, April 14th. Morgan Stanley reduced their target price on shares of Dover from $ 161.00 to $ 149.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 31st. Finally, Barclays reduced their target price on shares of Dover from $ 155.00 to $ 140.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Dover currently has a consensus rating of “Hold” and an average price target of $ 171.67.

In other news, SVP David J. Malinas acquired 350 shares of the company’s stock in a transaction on Monday, April 25th. The shares were bought at an average cost of $ 139.44 per share, with a total value of $ 48,804.00. Following the transaction, the senior vice president now owns 2,744 shares in the company, valued at approximately $ 382,623.36. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Several institutional investors have recently modified their holdings of DOV. Dark Forest Capital Management LP acquired a new position in shares of Dover in the 3rd quarter valued at $ 162,000. MML Investors Services LLC boosted its stake in Dover by 7.7% during the 3rd quarter. MML Investors Services LLC now owns 10,967 shares of the industrial products company’s stock worth $ 1,705,000 after purchasing an additional 782 shares during the period. LPL Financial LLC boosted its stake in Dover by 20.5% during the 3rd quarter. LPL Financial LLC now owns 47,388 shares of the industrial products company’s stock worth $ 7,369,000 after purchasing an additional 8,049 shares during the period. UBS Group AG boosted its stake in Dover by 4.7% during the 3rd quarter. UBS Group AG now owns 324,081 shares of the industrial products company’s stock worth $ 50,395,000 after purchasing an additional 14,467 shares during the period. Finally, Toroso Investments LLC boosted its stake in Dover by 18.1% during the 3rd quarter. Toroso Investments LLC now owns 2,411 shares of the industrial products company’s stock worth $ 375,000 after purchasing an additional 370 shares during the period. Institutional investors and hedge funds own 84.14% of the company’s stock.

The stock has a market cap of $ 17.09 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.00 and a beta of 1.42. The stock’s 50 day moving average is $ 133.53 and its two-hundred-day moving average is $ 154.13. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.69.

Dover (NYSE: DOV – Get Rating) last issued its quarterly earnings results on Thursday, April 21st. The industrial products company reported $ 1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $ 1.84 by $ 0.06. The firm had revenue of $ 2.05 billion during the quarter, compared to analysts’ expectations of $ 2.03 billion. Dover had a net margin of 13.81% and a return on equity of 27.82%. Dover’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $ 1.81 EPS. On average, sell-side analysts predict that Dover Co. will post 8.55 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st were issued a $ 0.50 dividend. The ex-dividend date of this dividend was Friday, May 27th. This represents a $ 2.00 dividend on an annualized basis and a dividend yield of 1.69%. Dover’s dividend payout ratio is currently 26.04%.

Dover Company Profile (NYSE: DOV)

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

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