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Dover Corporation , an industrial conglomerate with a market cap of $25.9 billion, operates across multiple sectors, including engineered products, clean energy, imaging, and climate technologies. Based in Downers Grove, Illinois, the company provides a diverse array of equipment, components, and solutions for various global markets.
Companies valued at $10 billion or more are generally considered “large-cap” stocks, and Dover fits this criterion perfectly. Dover is renowned for its broad and innovative range of specialized industrial products and solutions across multiple sectors, including its advanced technologies in fluid handling, waste management systems, and precision marking and coding equipment.
However, the industrial products manufacturer and solutions provider pulled back 2.1% from its 7.7% gain during the same timeframe.
Nevertheless, over the longer term, DOV stock is up 22.5% on a YTD basis, overshadowing XLI’s 15.8% gains. Moreover, shares of Dover have gained 30.4% over the past 52 weeks, compared to XLI’s 25.7% gains over the same time frame.
Since December last year, DOV has maintained a position consistently above its 200-day moving average. Plus, the stock has mostly stayed above its 50-day moving average during this period despite some recent fluctuations, signaling a bullish trend.
Dover has outperformed over the past year primarily due to strong increases in order intake across its segments and improved booking numbers. Moreover, further boosted investor confidence.
But, in comparison, DOV lagged behind its rival Applied Industrial Technologies, Inc. , which has gained nearly 36% over the past 52 weeks and a 23.6% rise on a YTD basis.
Despite the stock’s impressive price action over the past year, analysts are cautiously optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from the 12 analysts covering the stock, and the mean price target of $202.58 suggests a premium of only 7.6% to current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Applied Industrial Technologies, Inc. AIT is benefiting from strength across its served markets of food and beverage, lumber and wood, mining, pulp and paper, energy, utilities and refining. The strong position in these markets, sales initiatives and focus on national customer accounts are driving the Service Center Based Distribution segment. The increase in demand for fluid power MRO services across the U.S. manufacturing sector, driven by growing digitization and higher investment in maintenance operations is supporting the segment’s revenues. The Service Center Based Distribution segment’s revenues increased 1.2% year over year in the fourth quarter of fiscal 2024.
Applied Industrial has added multiple assets to its portfolio over time. In the fourth quarter of fiscal 2024 (ended June 2024), buyouts had a positive impact of 1.5% on the company's sales. Acquisitions boosted sales by 1.2% and 2.0% for the Service Center-Based Distribution and Engineered Solutions segments in the fiscal fourth quarter, respectively. In May 2024, Applied Industrial acquired Grupo Kopar, enhancing its automation position in North America.
The acquisitions of Bearing Distributors and Cangro (September 2023) enhanced the company’s footprint and strategic growth initiatives across the U.S. Southeast and upper Northeast regions. The Advanced Motion Systems Inc. (April 2023) buyout expanded the company’s footprint in the upper Northeast region of the United States while helping to bolster relationships with leading suppliers. The acquisition of Automation, Inc. (November 2022) expanded Applied Industrial’s footprint across key verticals and geographies while supplementing its value-added services and cross-selling efforts. We expect acquisitions to contribute 3.1% to the total revenue growth in fiscal 2025.
Applied Industrial has a strong balance sheet that has enabled it to reward its shareholders handsomely through dividend payments and share buybacks. In fiscal 2024, the company rewarded shareholders with dividends of $55.9 million, up 4.6% year over year. It hiked its quarterly dividend rate by 5.7% in January 2024. In fiscal 2023, it paid out dividends worth $53.4 million, up 3.2% on a year-over-year basis.
In August 2022, the company’s board of directors authorized a new share buyback program to repurchase up to 1.5 million shares of its common stock. Its cash and cash equivalents at the end of the fiscal fourth quarter were $460.6 million, much higher than the current portion of long-term debt of $25.1 million. Further, the company’s times interest earned ratio stands at a very comfortable 25.2. Therefore, any interruption in the flow of these returns seems extremely unlikely at this point.
In the past year, this Zacks Rank #3 (Hold) company’s shares have gained 28.2% compared with the industry’s 21.1% growth.
Headwinds Plaguing AIT
Weakness in the OEM channel, due to lower sales in the fluid power components, is adversely impacting the performance of the Engineered Solutions segment. In the fourth quarter of fiscal 2024, the segment’s revenues declined 1.8% on a year-over-year basis. Automation product sales declined as technology sector orders slowed. Ongoing supply-chain constraints, particularly related to electronic components, remain a concern for the company.
Applied Industrial has been experiencing rising costs and expenses for a while. During the fourth quarter of fiscal 2024, the company witnessed a 2.4% year-over-year increase in SG&A expenses (including depreciation). The SG&A expenses, as a percentage of total revenues, climbed 40 basis points to reach 18.7%. This upward trajectory follows a pattern of expense growth in the preceding three quarters, with increases of 5.3, 3.5% and 2.1%, respectively. We expect SG&A to increase 0.7% year over year in fiscal 2025. Also, the cost of sales increased 1.8% in the fiscal fourth quarter of 2024 due to an increase in raw material and labor costs.
Stocks to Consider
Some better-ranked companies from the same space are discussed below.
Flowserve Corporation FLS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company CR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
Based in Berwyn, Pennsylvania, AMETEK, Inc. manufactures and sells electronic instruments and electromechanical devices. Valued at a market cap of $38.3 billion, the company has evolved from a provider of heavy machinery to a manufacturer of advanced analytical, test, and measurement instrumentation for the energy, aerospace, power, research, medical, and industrial markets.
Companies worth more than $10 billion are generally labeled as “large-cap” stocks, and AMETEK fits this criterion perfectly. The company has expanded through more than 90 acquisitions since 2000, operates in approximately 150 locations across 31 countries, and owns 175 market-leading brands.
Shares of AME are trading 11.2% below their 52-week high of $186.32, which they hit on Mar. 21. AME has declined 4.7% over the past three months, lagging behind the broader Dow Jones Industrials Average’s ($DOWI) 5.4% gain over the same time frame.
In the longer term, AME stock has marginally increased on a YTD basis, lagging behind DOWI’s 8.3% rise. Shares of AME have gained 9.1% over the past 52 weeks, underperforming DOWI’s nearly 17.8% returns over the same time frame.
To confirm its bearish trend, AME has been trading below its 200-day moving average since late August and has remained below its 50-day moving average since early September.
On Aug. 1, AME fell 8.3% following its Q2 earnings release as its revenues of $1.73 billion missed Wall Street estimates of $1.77 billion. The company’s reduced full-year earnings guidance to $6.70-$6.80 further dampened investor confidence. However, AME recorded a 6% year-over-year adjusted earnings growth to $1.66 per share, surpassing the consensus estimates of $1.64 per share.
AME’s underperformance becomes more evident compared to its rival, Dover Corporation , which gained 20% on a YTD basis and 31% over the past 52 weeks.
Despite AME’s underperformance, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from 13 analysts in coverage, and the mean price target of $185.83 suggests a 12.3% premium to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +25.41% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Terex (TEX)
Incorporated in 1986, Terex Corporation is a global manufacturer of aerial work platforms, materials processing machinery and cranes. It designs, build and support products used in construction, maintenance, manufacturing, energy, minerals and materials management applications.
TEX is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. TEX has a Growth Style Score of B, forecasting year-over-year earnings growth of 2.3% for the current fiscal year.
For fiscal 2024, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.19 to $7.22 per share. TEX boasts an average earnings surprise of 7%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, TEX should be on investors' short list.
Zacks Investment Research
Reporter Name | Cerepak Brad M |
Relationship | Senior VP & CFO |
Type | Sell |
Amount | $2,593,150 |
SEC Filing | Form 4 |
Brad M Cerepak, Senior VP & CFO of Dover Corp, sold 14,818 shares of Common Stock on September 6, 2024, at a weighted average price of $175. The total sale amounted to $2,593,150. Following the transaction, Cerepak directly owns 12,324 shares and indirectly owns 3,050 shares through a 401K Plan.
SEC Filing: DOVER Corp [ DOV ] - Form 4 - Sep. 10, 2024
Terex Corporation TEX has announced that the mandatory 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 related to its pending acquisition of Environmental Solutions Group (“ESG”) is over.
This marks an important step in the acquisition process, which will add a market leader in waste and recycling to Terex's portfolio. It will also enhance its financial profile, including revenues, free cash flow, EBITDA margin and earnings per share.
Details of the Terex-Dover Deal
On July 22, 2024, TEX and Dover Corporation DOV announced that they had inked a deal, per which Terex would acquire Dover’s ESG Group in a $2 billion all-cash transaction. Adjusted for the present value of expected tax benefits of approximately $275 million, the purchase price stands at $1.725 billion.
Dover's ESG has several well-known product brands, including Heil, Marathon, Curotto-Can and Bayne Thinline. It has digital solutions offerings such as 3rd Eye and Soft-Pak.
ESG has a solid track record of consistent growth and witnessed more than 7% organic revenue CAGR over the last 10 years.
Strategic Benefits of the Deal to Terex
Solid Trends in Waste and Recycling: Terex expects the ESG deal to close later this year, subject to the satisfaction of customary non-regulatory closing conditions. It will form a new Environmental Solutions segment that includes ESG and its existing Utilities business. The addition of ESG will strengthen Terex's portfolio and cater to the growing waste, recycling and utility end markets that are expected to benefit from electrification, circularity and energy transition trends.
Enhanced Product Portfolio, Market Share & Opportunities: ESG's turnkey products and services across equipment, digital and aftermarket offerings are complementary to Terex's product portfolio. Following the acquisition, its North American exposure will reach 65% and its global market opportunity will expand to $40 billion.
Solid Financial Benefits: ESG's EBITDA margin, including run-rate synergies, is expected to boost Terex’s margins by 130 basis points. It will have approximately $1 billion in pro forma EBITDA.
The deal is expected to boost Terex’s earnings by a double-digit percentage in 2025, with further gains expected thereafter.
Around $25 million of identified synergies are expected by the end of 2026. This will stem from procurement, supply-chain efficiencies and commercial initiatives.
Also, ESG's efficient operating model, combined with low net working capital, will improve Terex’s free cash flows.
Price Performance
Terex's shares have lost 14.4% over the past year against the industry’s 15.5% growth.
TEX’s Zacks Rank & Stocks to Consider
Terex currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies from the Industrial Products sector are Crane Company CR and Flowserve Corporation FLS, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Crane’s 2024 earnings is pegged at $5.07 per share. The consensus estimate for earnings has moved 6% north in the past 60 days. The company has a trailing four-quarter average earnings surprise of 11.2%. CR’s shares gained 75.2% in a year.
Flowserve has an average trailing four-quarter earnings surprise of 18.2%. The Zacks Consensus Estimate for FLS’ 2024 earnings is pinned at $2.76 per share, which indicates year-over-year growth of 31.6%. The consensus estimate for earnings has moved 4% north in the past 60 days. The company’s shares gained 27.5% in a year.
Zacks Investment Research
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