Dover (NYSE:DOV) Hits New 12-Month Low – Here’s Why

Dover Co. (NYSE:DOV)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $163.73 and last traded at $163.73, with a volume of 255647 shares trading hands. The stock had previously closed at $179.02.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DOV. The Goldman Sachs Group lifted their target price on shares of Dover from $202.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Barclays lowered their price objective on Dover from $213.00 to $205.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. StockNews.com lowered Dover from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 target price (up previously from $220.00) on shares of Dover in a research note on Friday, January 31st. Finally, Royal Bank of Canada boosted their price target on Dover from $196.00 to $214.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $218.18.

Dover Stock Down 5.6 %

The company has a quick ratio of 1.52, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a 50 day simple moving average of $190.78 and a 200 day simple moving average of $193.03. The stock has a market cap of $21.06 billion, a price-to-earnings ratio of 7.90, a PEG ratio of 2.06 and a beta of 1.24.

Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.20 EPS for the quarter, meeting analysts’ consensus estimates of $2.20. Dover had a net margin of 32.95% and a return on equity of 21.03%. As a group, analysts expect that Dover Co. will post 9.45 earnings per share for the current fiscal year.

Dover Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.515 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $2.06 annualized dividend and a yield of 1.34%. Dover’s payout ratio is 10.59%.

Institutional Trading of Dover

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB grew its holdings in Dover by 4.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,509 shares of the industrial products company’s stock worth $441,000 after buying an additional 108 shares in the last quarter. 111 Capital purchased a new position in Dover during the 4th quarter worth $464,000. Bannerman Wealth Management Group LLC bought a new stake in shares of Dover in the 4th quarter worth $228,000. IronOak Wealth LLC. purchased a new stake in shares of Dover in the fourth quarter valued at about $340,000. Finally, Smith Shellnut Wilson LLC ADV lifted its position in shares of Dover by 9.8% during the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 3,128 shares of the industrial products company’s stock valued at $587,000 after purchasing an additional 278 shares in the last quarter. 84.46% of the stock is owned by institutional investors.

About Dover

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.