On Oct 13, Dover Corporation (DOV - Free Report) was downgraded to a Zacks Rank #5 (Strong Sell) on lowered 2016 EPS and revenue guidance.
Why the Downgrade?
On Oct 10, the industrial products and manufacturing equipment maker trimmed its full-year 2016 EPS and revenue outlook. Dover lowered its full-year 2016 EPS to the range of $3.00−$3.05 from the prior estimate of $3.35−$3.45. The revised guidance includes an expected 6 cents of other costs to be incurred in the fourth quarter. It includes 3 cents dilution related to recently closed acquisitions and incremental deal costs along with restructuring charges of 3 cents.
In addition, Dover projects third-quarter EPS to be in the range of 81−83 cents. The company now expects full-year revenue to decline 4% to 5% versus its prior forecast of -3% to -5%. The revised forecast includes organic revenue of -7% to -8%, compared to the prior forecast of -6% to -8%.
DOVER CORP Price and Consensus
Some better-ranked industrial product stocks are Nordson Corporation (NDSN - Free Report) , Barnes Group Inc. (B - Free Report) and Chart Industries Inc. (GTLS - Free Report) . Nordson Corporation has seen upward estimate revisions of around 6% over the past 60 days. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Barnes Group carries a Zacks Rank #2 (Buy) and has witnessed a 1% increase in its earnings estimate to $2.51 for 2016. Chart Industries, also a Zacks Rank #2 stock, has seen upward estimate revisions of 49% over the past 90 days.
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