Dover (DOV) Upgraded at Citigroup

Dover (NYSE:DOV) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, The Fly reports.

Several other research analysts have also recently issued reports on DOV. UBS Group increased their price objective on shares of Dover from $80.00 to $86.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. William Blair reiterated a “market perform” rating on shares of Dover in a report on Tuesday, July 3rd. Oppenheimer reiterated a “hold” rating on shares of Dover in a report on Thursday, July 19th. Barclays increased their price objective on shares of Dover from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, July 20th. Finally, BMO Capital Markets decreased their price objective on shares of Dover from $98.00 to $93.00 and set an “outperform” rating for the company in a report on Friday, July 20th. Thirteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Dover has a consensus rating of “Hold” and a consensus target price of $92.14.

Dover stock opened at $86.34 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.35 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $12.84 billion, a PE ratio of 21.42, a P/E/G ratio of 1.50 and a beta of 1.36. Dover has a 12-month low of $69.15 and a 12-month high of $88.11.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 19th. The industrial products company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.09. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Dover had a net margin of 9.64% and a return on equity of 18.66%. The business’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm posted $1.04 earnings per share. sell-side analysts anticipate that Dover will post 4.83 EPS for the current fiscal year.

In related news, CFO Brad M. Cerepak sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $75.83, for a total transaction of $1,516,600.00. Following the completion of the sale, the chief financial officer now directly owns 61,801 shares in the company, valued at $4,686,369.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kristiane C. Graham sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $82.75, for a total transaction of $4,137,500.00. Following the sale, the director now owns 367,324 shares of the company’s stock, valued at $30,396,061. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

A number of large investors have recently modified their holdings of DOV. Optimum Investment Advisors acquired a new position in Dover in the 1st quarter worth approximately $104,000. Summit Trail Advisors LLC boosted its stake in Dover by 4,425.8% in the 1st quarter. Summit Trail Advisors LLC now owns 106,446 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 104,094 shares during the period. Fort L.P. acquired a new position in Dover in the 2nd quarter worth approximately $118,000. Winthrop Partners WNY LLC acquired a new position in Dover in the 1st quarter worth approximately $126,000. Finally, Centaurus Financial Inc. acquired a new position in Dover in the 2nd quarter worth approximately $127,000. Hedge funds and other institutional investors own 90.93% 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 in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for the production and processing of fuels for drilling and production, bearings and compression, and automation end markets.

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