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Dover Corp. (DOV) Hits 52-Week High on Acquisitions
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Shares of Dover Corporation (DOV - Free Report) attained a fresh 52-week high of $72.43 during intraday trading on Jul 12, finally closing at $72.03.
Shares of this diversified machinery producer have a solid year-to-date return of about 17.49%. The average volume of shares traded over the last 3 months was roughly 1.37 million. Dover has a market cap of $11.18 billion with long-term expected earnings growth of 10.6%. The company has an average positive surprise of 0.17% in the trailing 4 quarters.
Growth Drivers
In early June, Dover announced to acquire Wayne Fueling Systems Ltd. from Riverstone Holdings LLC for $780 million. The buyout will augment Dover’s portfolio and also provide significant margin-enhancement opportunities. The transaction is expected to close in the second half of 2016, subject to customary closing conditions. The company expects to ink several deals over the next few quarters in its key growth markets.
Notably, Dover has a long-standing history of making successful acquisitions in diverse end markets. The company recently closed the takeover of Tokheim's dispenser and system businesses, which became part of OPW, a business unit within its Fluids segment. The buyout will enhance OPW's robust position in retail fueling equipment. Dover’s recent acquisitions, net of closing costs and accounting adjustments, should contribute about 18 cents to 2016 EPS.
Within Refrigeration and Food Equipment, Dover’s plans for organic revenue growth and margin improvement remain on track, heading into the seasonally strong second and third quarters. Leading technology and merchandising solutions are resulting in customer wins at several regional and national food retail chains.
Dover currently retains a short-term Zacks Rank #3 (Hold). Some better-performing stocks in the sector include Altra Industrial Motion Corp. , Ingersoll-Rand Plc (IR - Free Report) and Manitex International, Inc. (MNTX - Free Report) . All of these stocks carry a Zacks Rank #2 (Buy).
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Dover Corp. (DOV) Hits 52-Week High on Acquisitions
Shares of Dover Corporation (DOV - Free Report) attained a fresh 52-week high of $72.43 during intraday trading on Jul 12, finally closing at $72.03.
Shares of this diversified machinery producer have a solid year-to-date return of about 17.49%. The average volume of shares traded over the last 3 months was roughly 1.37 million. Dover has a market cap of $11.18 billion with long-term expected earnings growth of 10.6%. The company has an average positive surprise of 0.17% in the trailing 4 quarters.
Growth Drivers
In early June, Dover announced to acquire Wayne Fueling Systems Ltd. from Riverstone Holdings LLC for $780 million. The buyout will augment Dover’s portfolio and also provide significant margin-enhancement opportunities. The transaction is expected to close in the second half of 2016, subject to customary closing conditions. The company expects to ink several deals over the next few quarters in its key growth markets.
Notably, Dover has a long-standing history of making successful acquisitions in diverse end markets. The company recently closed the takeover of Tokheim's dispenser and system businesses, which became part of OPW, a business unit within its Fluids segment. The buyout will enhance OPW's robust position in retail fueling equipment. Dover’s recent acquisitions, net of closing costs and accounting adjustments, should contribute about 18 cents to 2016 EPS.
Within Refrigeration and Food Equipment, Dover’s plans for organic revenue growth and margin improvement remain on track, heading into the seasonally strong second and third quarters. Leading technology and merchandising solutions are resulting in customer wins at several regional and national food retail chains.
DOVER CORP Price and Consensus
DOVER CORP Price and Consensus | DOVER CORP Quote
Other Stocks to Consider
Dover currently retains a short-term Zacks Rank #3 (Hold). Some better-performing stocks in the sector include Altra Industrial Motion Corp. , Ingersoll-Rand Plc (IR - Free Report) and Manitex International, Inc. (MNTX - Free Report) . All of these stocks carry a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>