Dover (DOV) Ends Apergy Spin-Off To Focus On Core Business
Zacks Investment Research | May 10, 2018 04:25AM ET
Dover Corporation (NYSE:DOV) has successfully completed the spin-off of its upstream energy businesses — Wellsite — which has been later named Apergy. Now on, Dover will be a standalone company focused on industrial products and manufacturing equipment, while Apergy will be an independent public company.
Spin-off History
In December 2017, Dover announced a tax-free spin-off of its upstream energy businesses within the Energy segment, which comprises Dover Artificial Lift, Dover Energy Automation, and US Synthetic. The company announced the separation, anticipating that its oil & gas exposed businesses will remain turbulent due to volatile oil prices.
On Apr 18, Dover’s board of directors formally approved the separation of Apergy through tax-free spin-off by distributing of all of the common stock of Apergy held by Dover to its shareholders.
Dover Corporation Price and Consensus
industry with respect to price performance. The stock has lost around 4%, while the industry recorded growth of 9% during the same time frame.
Zacks Rank & Key Picks
Dover currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the same sector include Graco Inc. (NYSE:GGG) , Applied Industrial Technologies, Inc. (NYSE:AIT) and Atlas Copco AB (OTC:ATLKY) . While Graco and Applied Industrial Technologies sport a Zacks Rank #1 (Strong Buy), Atlas Copco carries a Zacks Rank #2 (Buy). You can see Zacks Investment Research
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