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

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

Other equities research analysts also recently issued reports about the stock. Citigroup cut their price target on shares of Dover from $236.00 to $222.00 and set a “buy” rating for the company in a report on Monday, January 13th. StockNews.com lowered shares of Dover from a “buy” rating to a “hold” rating in a research report on Wednesday, January 15th. Oppenheimer reissued an “outperform” rating and set a $215.00 price objective (up from $210.00) on shares of Dover in a research note on Wednesday, October 16th. UBS Group started coverage on Dover in a research report on Wednesday, November 13th. They set a “neutral” rating and a $217.00 target price on the stock. Finally, Wolfe Research upgraded Dover from a “peer perform” rating to an “outperform” rating and set a $227.00 price target for the company in a research report on Monday, October 28th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Dover has an average rating of “Moderate Buy” and an average price target of $219.45.

Dover Stock Performance

Shares of Dover stock traded up $0.54 during trading on Friday, hitting $205.96. 398,986 shares of the stock were exchanged, compared to its average volume of 830,356. The stock has a market cap of $28.26 billion, a PE ratio of 18.50, a P/E/G ratio of 2.03 and a beta of 1.23. The stock’s fifty day moving average is $195.60 and its 200 day moving average is $190.22. Dover has a 12 month low of $148.45 and a 12 month high of $214.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.06 and a current ratio of 1.57.

Dover (NYSE:DOV) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.20. Dover had a return on equity of 23.61% and a net margin of 18.63%. As a group, sell-side analysts anticipate that Dover will post 8.17 EPS for the current year.

Institutional Investors Weigh In On Dover

Several institutional investors have recently bought and sold shares of DOV. Financial Life Planners bought a new stake in Dover during the fourth quarter worth about $28,000. Ashton Thomas Securities LLC bought a new position in Dover during the third quarter worth about $33,000. R Squared Ltd bought a new stake in Dover in the fourth quarter valued at approximately $34,000. Kieckhefer Group LLC acquired a new stake in shares of Dover in the fourth quarter valued at approximately $38,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Dover during the 4th quarter worth approximately $46,000. Institutional investors own 84.46% of the company’s stock.

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.