Prudential Financial Inc. boosted its stake in shares of Dover Corp. (NYSE:DOV) by 10.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 239,683 shares of the company’s stock after buying an additional 22,378 shares during the period. Prudential Financial Inc. owned 0.15% of Dover Corp. worth $16,615,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Bank of Montreal Can bought a new stake in Dover Corp. during the second quarter worth $116,346,000. Norges Bank bought a new stake in Dover Corp. during the fourth quarter worth $67,048,000. Bank of New York Mellon Corp increased its stake in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock worth $226,877,000 after buying an additional 580,562 shares during the last quarter. CI Investments Inc. bought a new stake in Dover Corp. during the second quarter worth $24,165,000. Finally, Ameriprise Financial Inc. increased its stake in Dover Corp. by 33.0% in the second quarter. Ameriprise Financial Inc. now owns 1,394,953 shares of the company’s stock worth $96,682,000 after buying an additional 345,963 shares during the last quarter. 85.59% of the stock is owned by institutional investors.
Shares of Dover Corp. (NYSE:DOV) traded up 0.21% during midday trading on Thursday, hitting $71.62. 120,076 shares of the company were exchanged. Dover Corp. has a one year low of $50.91 and a one year high of $74.90. The firm has a market cap of $11.12 billion, a P/E ratio of 20.60 and a beta of 1.37. The company’s 50 day moving average price is $71.83 and its 200 day moving average price is $68.69.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by $0.09. The business earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. Dover Corp.’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 EPS. Equities analysts expect that Dover Corp. will post $3.34 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend was Monday, August 29th. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio is 50.29%.
A number of research firms have recently weighed in on DOV. Zacks Investment Research downgraded shares of Dover Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, September 21st. Barclays PLC raised their price target on shares of Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 18th. Sanford C. Bernstein reissued an “outperform” rating on shares of Dover Corp. in a research report on Monday, June 27th. Citigroup Inc. raised their price target on shares of Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 8th. Finally, Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $71.00.
In other news, VP C. Anderson Fincher sold 1,420 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $73.42, for a total transaction of $104,256.40. Following the transaction, the vice president now owns 40,326 shares of the company’s stock, valued at $2,960,734.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP William Spurgeon sold 17,170 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $71.65, for a total value of $1,230,230.50. Following the transaction, the vice president now directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Dover Corp. Company Profile
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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