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

Dover (NYSE:DOV) had its price target raised by analysts at Royal Bank of Canada from $196.00 to $214.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 3.91% from the company’s current price.

Several other equities research analysts have also recently issued reports on DOV. StockNews.com cut shares of Dover from a “buy” rating to a “hold” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group boosted their price objective on shares of Dover from $202.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Wells Fargo & Company increased their target price on Dover from $200.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Friday. Mizuho upped their price target on Dover from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $215.00 price objective (up from $210.00) on shares of Dover in a report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $219.45.

Dover Trading Up 0.3 %

DOV stock traded up $0.54 during midday trading on Friday, hitting $205.96. The stock had a trading volume of 398,986 shares, compared to its average volume of 830,356. The company’s 50-day moving average price is $195.60 and its 200 day moving average price is $190.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.57 and a quick ratio of 1.06. The firm has a market cap of $28.26 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 2.03 and a beta of 1.23. Dover has a 12-month low of $148.45 and a 12-month high of $214.57.

Dover (NYSE:DOV) last announced its quarterly earnings data 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 return on equity of 23.61% and a net margin of 18.63%. On average, equities research analysts predict that Dover will post 8.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in Dover in the 2nd quarter worth $3,175,000. Czech National Bank lifted its stake in shares of Dover by 6.9% in the third quarter. Czech National Bank now owns 28,001 shares of the industrial products company’s stock worth $5,369,000 after acquiring an additional 1,812 shares in the last quarter. SG Americas Securities LLC grew its stake in Dover by 167.7% during the 3rd quarter. SG Americas Securities LLC now owns 101,591 shares of the industrial products company’s stock valued at $19,479,000 after purchasing an additional 63,638 shares in the last quarter. Burns J W & Co. Inc. NY purchased a new stake in Dover during the 3rd quarter worth approximately $302,000. Finally, Handelsbanken Fonder AB raised its position in shares of Dover by 15.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 39,522 shares of the industrial products company’s stock valued at $7,578,000 after purchasing an additional 5,177 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other 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.