JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Dover (NYSE:DOV) Stock

Dover (NYSE:DOV) had its price target hoisted by JPMorgan Chase & Co. from $211.00 to $217.00 in a report released on Monday,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the stock. Citigroup reiterated a “buy” rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Mizuho raised their price target on shares of Dover from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, June 13th. Wells Fargo & Company raised their price target on shares of Dover from $190.00 to $195.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Morgan Stanley began coverage on shares of Dover in a report on Monday, April 14th. They set an “equal weight” rating and a $185.00 price target for the company. Finally, Barclays raised their price target on shares of Dover from $185.00 to $193.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.92.

Dover Stock Down 1.0%

DOV stock opened at $182.21 on Monday. The company has a market cap of $24.99 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 1.46 and a beta of 1.26. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. Dover has a 12 month low of $143.04 and a 12 month high of $222.31. The firm has a 50-day moving average of $182.67 and a two-hundred day moving average of $183.15.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.05. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. Dover’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.36 EPS. As a group, analysts forecast that Dover will post 9.45 earnings per share for the current fiscal year.

Dover Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a $0.515 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $2.06 annualized dividend and a yield of 1.13%. Dover’s dividend payout ratio is presently 12.42%.

Hedge Funds Weigh In On Dover

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. North Capital Inc. purchased a new stake in shares of Dover during the 1st quarter worth $29,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Dover during the 1st quarter worth $31,000. Harbour Investments Inc. lifted its position in shares of Dover by 51.7% during the 2nd quarter. Harbour Investments Inc. now owns 176 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 60 shares during the last quarter. Truvestments Capital LLC lifted its position in shares of Dover by 1,005.9% during the 1st quarter. Truvestments Capital LLC now owns 188 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 171 shares during the last quarter. Finally, Investment Research & Advisory Group Inc. purchased a new stake in shares of Dover during the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

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.