Royal Bank Of Canada Forecasts Strong Price Appreciation for Dover (NYSE:DOV) Stock

Dover (NYSE:DOV) had its price objective increased by Royal Bank Of Canada from $203.00 to $206.00 in a report released on Friday morning,Benzinga reports. They currently have a sector perform rating on the industrial products company’s stock.

Several other equities analysts have also recently commented on the stock. Mizuho boosted their target price on shares of Dover from $215.00 to $225.00 and gave the company an “outperform” rating in a research report on Friday, June 13th. Wells Fargo & Company boosted their target price on shares of Dover from $180.00 to $190.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Morgan Stanley began coverage on shares of Dover in a research report on Monday, April 14th. They set an “equal weight” rating and a $185.00 price objective for the company. Citigroup reiterated a “buy” rating and set a $226.00 price objective (up from $202.00) on shares of Dover in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Dover from $190.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Dover has an average rating of “Moderate Buy” and a consensus price target of $213.42.

Dover Price Performance

Shares of Dover stock opened at $186.55 on Friday. The company has a 50-day simple moving average of $182.63 and a two-hundred day simple moving average of $183.19. The stock has a market capitalization of $25.58 billion, a price-to-earnings ratio of 11.25, a price-to-earnings-growth ratio of 1.57 and a beta of 1.26. The company has a quick ratio of 1.56, a current ratio of 2.13 and a debt-to-equity ratio of 0.36. Dover has a twelve month low of $143.04 and a twelve month high of $222.31.

Dover (NYSE:DOV) last issued its earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.39 by $0.05. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.77%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.36 EPS. Analysts forecast that Dover will post 9.45 EPS for the current year.

Dover Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were paid a $0.515 dividend. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Friday, May 30th. Dover’s dividend payout ratio is currently 12.41%.

Institutional Investors Weigh In On Dover

A number of institutional investors have recently modified their holdings of DOV. Brighton Jones LLC boosted its stake in shares of Dover by 62.1% in the 4th quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company’s stock valued at $552,000 after purchasing an additional 1,128 shares during the last quarter. Sei Investments Co. boosted its stake in Dover by 19.2% during the fourth quarter. Sei Investments Co. now owns 85,778 shares of the industrial products company’s stock worth $16,092,000 after acquiring an additional 13,840 shares in the last quarter. LPL Financial LLC boosted its stake in Dover by 3.3% during the fourth quarter. LPL Financial LLC now owns 144,679 shares of the industrial products company’s stock worth $27,142,000 after acquiring an additional 4,683 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Dover by 11.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 78,612 shares of the industrial products company’s stock worth $14,748,000 after acquiring an additional 7,773 shares in the last quarter. Finally, Korea Investment CORP boosted its stake in Dover by 66.4% during the fourth quarter. Korea Investment CORP now owns 94,432 shares of the industrial products company’s stock worth $17,715,000 after acquiring an additional 37,690 shares in the last quarter. 84.46% of the stock is owned by institutional investors.

Dover Company Profile

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