Dover Corp. Receives Boost from Wolfe Research: Analysts Predict Growth Ahead
Fintel reports that on October 28, 2024, Wolfe Research upgraded their outlook for Dover (NYSE:DOV) from Peer Perform to Outperform.
Analysts See Potential for Significant Price Increase
As of October 21, 2024, the average one-year price target for Dover is $210.83 per share. The forecasts range from a low of $185.84 to a high of $237.30. This average price target represents a 9.54% increase from its latest recorded closing price of $192.47 per share.
See our leaderboard of companies with the largest price target upside.
Revenue and Earnings Projections
The projected annual revenue for Dover is $9,054 million, reflecting an increase of 6.84%. Additionally, the expected annual non-GAAP EPS is 9.88.
Fund Sentiment: An Overview
Currently, there are 1,692 funds or institutions reporting positions in Dover, an increase of 64 owners, or 3.93%, in the last quarter. The average portfolio weight of all funds dedicated to DOV is 0.22%, which is an upturn of 0.75%. Total shares owned by institutions rose by 0.59% in the past three months, amounting to 140,288K shares. 
The current put/call ratio for DOV stands at 0.54, indicating a bullish outlook from the market.
Key Institutional Holders and Their Moves
JPMorgan Chase holds 10,852K shares, which represents 7.91% ownership of the company. However, the firm reported a decrease in shares from 13,152K, marking a significant reduction of 21.19%. Accordingly, the firm lowered its portfolio allocation in DOV by 87.22% over the last quarter.
In contrast, Price T Rowe Associates increased its stake to 5,253K shares, representing 3.83% ownership, up from 2,633K shares, reflecting a substantial rise of 49.87%. This resulted in an 98.33% increase in their portfolio allocation in DOV over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares owns 4,334K shares, accounting for 3.16% ownership, slightly decreasing from 4,391K shares by 1.31% over the last quarter.
Franklin Resources holds 4,160K shares, equal to 3.03% ownership; this is down from 4,287K shares, marking a decline of 3.05%. This organization also reduced its portfolio allocation in DOV by 83.95% in the last quarter.
HLIEX – JPMorgan Equity Income Fund Class I has 3,977K shares, representing a 2.90% stake. This is down from 4,628K shares, a decrease of 16.35%, reflecting a 7.12% drop in portfolio allocation during the last quarter.
Understanding Dover Corporation
Dover Background Information
(This description is provided by the company.)
Headquartered in Downers Grove, Illinois, Dover Corporation is a global manufacturer and solutions provider with annual revenue approaching $7 billion. The company offers a wide range of innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and various support services through five operational segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions, and Refrigeration & Food Equipment. With a rich history of over 60 years, the organization engages a dedicated team of more than 23,000 employees who work collaboratively with customers to redefine industry standards.
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This story originally appeared on Fintel.
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