Dover (NYSE:DOV) Raised to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Dover (NYSE:DOV) from an equal weight rating to an overweight rating in a report released on Monday morning, BenzingaRatingsTable reports. They currently have $86.00 target price on the industrial products company’s stock, down from their prior target price of $104.00.

Several other equities analysts also recently commented on DOV. JPMorgan Chase & Co. upgraded shares of Dover from a neutral rating to an overweight rating and set a $94.00 price target on the stock in a research note on Wednesday, March 18th. Citigroup upped their price target on shares of Dover from $115.00 to $132.00 and gave the company a buy rating in a research note on Monday, January 13th. ValuEngine upgraded shares of Dover from a sell rating to a hold rating in a research note on Tuesday, March 3rd. Deutsche Bank upped their price target on shares of Dover from $107.00 to $119.00 and gave the company a hold rating in a research note on Wednesday, December 4th. Finally, Barclays restated a buy rating and issued a $130.00 price target on shares of Dover in a research note on Friday, January 31st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Dover currently has a consensus rating of Buy and an average price target of $108.33.

NYSE:DOV opened at $84.61 on Monday. Dover has a one year low of $62.95 and a one year high of $120.26. The company has a market cap of $10.79 billion, a P/E ratio of 18.31, a P/E/G ratio of 1.07 and a beta of 1.51. The firm’s fifty day moving average price is $101.41 and its two-hundred day moving average price is $106.59. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.46 and a quick ratio of 1.00.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.09. Dover had a net margin of 9.50% and a return on equity of 29.46%. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the previous year, the company earned $1.43 earnings per share. The company’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, equities research analysts expect that Dover will post 6.08 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 28th were paid a $0.49 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.96 annualized dividend and a dividend yield of 2.32%. Dover’s dividend payout ratio (DPR) is presently 33.05%.

In other news, Director Eric A. Spiegel acquired 500 shares of Dover stock in a transaction on Monday, March 16th. The shares were purchased at an average cost of $79.00 per share, for a total transaction of $39,500.00. Following the completion of the purchase, the director now directly owns 5,682 shares of the company’s stock, valued at approximately $448,878. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kristiane C. Graham sold 400 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $120.00, for a total transaction of $48,000.00. Following the sale, the director now owns 357,392 shares in the company, valued at $42,887,040. The disclosure for this sale can be found here. Insiders sold 5,622 shares of company stock worth $674,751 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC grew its stake in Dover by 15.6% during the fourth quarter. Cubist Systematic Strategies LLC now owns 651 shares of the industrial products company’s stock worth $75,000 after buying an additional 88 shares in the last quarter. Pittenger & Anderson Inc. lifted its holdings in shares of Dover by 0.3% in the fourth quarter. Pittenger & Anderson Inc. now owns 26,115 shares of the industrial products company’s stock worth $3,010,000 after acquiring an additional 90 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Dover by 1.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,621 shares of the industrial products company’s stock worth $763,000 after acquiring an additional 91 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Dover by 2.5% in the fourth quarter. Raymond James Trust N.A. now owns 3,746 shares of the industrial products company’s stock worth $432,000 after acquiring an additional 93 shares during the last quarter. Finally, Cable Hill Partners LLC lifted its holdings in shares of Dover by 1.9% in the fourth quarter. Cable Hill Partners LLC now owns 5,500 shares of the industrial products company’s stock worth $634,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 87.00% of the company’s stock.

About Dover

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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Analyst Recommendations for Dover (NYSE:DOV)

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