Dover (NYSE:DOV) Rating Increased to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Dover (NYSE:DOV) from an equal weight rating to an overweight rating in a research report report published on Tuesday morning, Marketbeat reports. They currently have $230.00 target price on the industrial products company’s stock, up from their previous target price of $210.00.

A number of other research analysts have also commented on DOV. Weiss Ratings raised Dover from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 6th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $224.00 target price on shares of Dover in a research report on Saturday, January 31st. Robert W. Baird set a $255.00 target price on shares of Dover in a research note on Friday, January 30th. Citigroup reissued a “buy” rating on shares of Dover in a report on Monday, January 12th. Finally, Royal Bank Of Canada raised their price target on shares of Dover from $199.00 to $209.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Dover has an average rating of “Moderate Buy” and a consensus price target of $225.67.

Dover Trading Up 3.1%

Shares of NYSE:DOV opened at $213.92 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.79. The stock’s 50-day moving average is $215.42 and its 200-day moving average is $193.02. The company has a market cap of $28.85 billion, a P/E ratio of 26.94, a P/E/G ratio of 1.59 and a beta of 1.27. Dover has a 52-week low of $143.04 and a 52-week high of $237.54.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.03. The business had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Dover had a return on equity of 17.87% and a net margin of 13.52%.The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.20 EPS. Equities research analysts predict that Dover will post 9.45 earnings per share for the current year.

Dover Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, February 27th. Dover’s dividend payout ratio (DPR) is 26.20%.

Insider Activity at Dover

In related news, VP Girish Juneja sold 1,500 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $230.77, for a total value of $346,155.00. Following the sale, the vice president owned 8,422 shares of the company’s stock, valued at $1,943,544.94. The trade was a 15.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ivonne M. Cabrera sold 4,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $233.23, for a total value of $932,920.00. Following the transaction, the senior vice president owned 72,188 shares of the company’s stock, valued at $16,836,407.24. This represents a 5.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 82,497 shares of company stock valued at $19,196,277 in the last 90 days. 1.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dover

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Dover by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 16,733,000 shares of the industrial products company’s stock worth $3,266,951,000 after buying an additional 120,341 shares in the last quarter. State Street Corp boosted its holdings in shares of Dover by 3.5% in the 4th quarter. State Street Corp now owns 6,760,797 shares of the industrial products company’s stock worth $1,319,978,000 after acquiring an additional 227,436 shares in the last quarter. Geode Capital Management LLC grew its position in Dover by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 3,519,070 shares of the industrial products company’s stock worth $684,348,000 after acquiring an additional 30,372 shares during the last quarter. Bank of New York Mellon Corp grew its position in Dover by 174.4% during the 4th quarter. Bank of New York Mellon Corp now owns 2,880,653 shares of the industrial products company’s stock worth $562,419,000 after acquiring an additional 1,830,722 shares during the last quarter. Finally, Nuveen LLC increased its holdings in Dover by 9.9% during the 4th quarter. Nuveen LLC now owns 2,623,281 shares of the industrial products company’s stock valued at $512,169,000 after purchasing an additional 235,454 shares in the last quarter. 84.46% of the stock is owned by institutional investors.

Dover Company Profile

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.