Dover (NYSE:DOV) Given New $242.00 Price Target at Oppenheimer

Dover (NYSE:DOV) had its target price raised by equities researchers at Oppenheimer from $232.00 to $242.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s price objective suggests a potential upside of 9.38% from the stock’s current price.

Several other equities research analysts have also recently issued reports on DOV. JPMorgan Chase & Co. raised their price objective on Dover from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Wells Fargo & Company upgraded Dover from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $210.00 to $230.00 in a report on Tuesday, March 17th. Wall Street Zen upgraded Dover from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. BMO Capital Markets initiated coverage on Dover in a report on Friday, March 27th. They set a “market perform” rating and a $237.00 price objective on the stock. Finally, The Goldman Sachs Group restated a “buy” rating and set a $224.00 price objective on shares of Dover in a report on Saturday, January 31st. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.38.

Dover Trading Up 1.0%

NYSE DOV traded up $2.19 during mid-day trading on Monday, reaching $221.26. 241,609 shares of the stock were exchanged, compared to its average volume of 1,243,955. Dover has a 1-year low of $155.45 and a 1-year high of $237.54. The business’s fifty day simple moving average is $217.60 and its 200 day simple moving average is $199.43. The stock has a market capitalization of $29.83 billion, a PE ratio of 27.86, a PEG ratio of 1.69 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.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter last year, the firm earned $2.20 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. On average, research analysts anticipate that Dover will post 9.45 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Girish Juneja sold 1,500 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $230.77, for a total value of $346,155.00. Following the transaction, the vice president owned 8,422 shares of the company’s stock, valued at approximately $1,943,544.94. This trade represents a 15.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard J. Tobin sold 76,997 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the completion of the transaction, the chief executive officer directly owned 217,979 shares in the company, 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. In the last 90 days, insiders have sold 82,497 shares of company stock valued at $19,196,277. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Dover

A number of large investors have recently added to or reduced their stakes in DOV. Financial Life Planners acquired a new stake in Dover during the 3rd quarter valued at $25,000. Meeder Asset Management Inc. grew its holdings in Dover by 234.2% during the 4th quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 89 shares in the last quarter. Reflection Asset Management acquired a new stake in Dover during the 4th quarter valued at $26,000. MV Capital Management Inc. acquired a new stake in Dover during the 4th quarter valued at $29,000. Finally, Tompkins Financial Corp grew its holdings in Dover by 102.7% during the 4th quarter. Tompkins Financial Corp now owns 152 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 77 shares in the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

About Dover

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.