Dover (NYSE:DOV) Given New $253.00 Price Target at Citigroup

Dover (NYSE:DOV) had its price objective lifted by Citigroup from $231.00 to $253.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley set a $210.00 target price on Dover in a research note on Wednesday, February 4th. Weiss Ratings upgraded Dover from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 6th. Wall Street Zen upgraded Dover from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Oppenheimer boosted their target price on Dover from $228.00 to $232.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Finally, Robert W. Baird set a $255.00 target price on Dover in a research note on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $228.62.

Dover Stock Performance

Shares of Dover stock opened at $219.15 on Monday. Dover has a one year low of $155.45 and a one year high of $237.54. The company has a market cap of $29.54 billion, a PE ratio of 27.60, a P/E/G ratio of 1.67 and a beta of 1.25. 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 business has a 50-day simple moving average of $217.71 and a 200-day simple moving average of $198.02.

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

Dover Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.52 dividend. The ex-dividend date was Friday, February 27th. This represents a $2.08 dividend on an annualized basis and a yield of 0.9%. Dover’s payout ratio is currently 26.20%.

Insider Buying and Selling at Dover

In other Dover news, SVP Ivonne M. Cabrera sold 4,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 72,188 shares in the company, valued at approximately $16,836,407.24. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard J. Tobin sold 76,997 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $232.70, for a total value of $17,917,201.90. Following the completion of the sale, the chief executive officer owned 217,979 shares of the company’s stock, valued at approximately $50,723,713.30. This represents a 26.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 82,497 shares of company stock worth $19,196,277. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Dover by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 16,733,000 shares of the industrial products company’s stock valued at $3,266,951,000 after purchasing an additional 120,341 shares during the period. State Street Corp increased its holdings in shares of Dover by 3.5% in the fourth quarter. State Street Corp now owns 6,760,797 shares of the industrial products company’s stock valued at $1,319,978,000 after purchasing an additional 227,436 shares during the period. Geode Capital Management LLC increased its holdings in shares of Dover by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 3,519,070 shares of the industrial products company’s stock valued at $684,348,000 after purchasing an additional 30,372 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Dover by 174.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,880,653 shares of the industrial products company’s stock valued at $562,419,000 after purchasing an additional 1,830,722 shares during the period. Finally, Nuveen LLC increased its holdings in shares of Dover by 9.9% in the fourth 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 during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

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.