Advisors Asset Management Inc. reduced its position in shares of Dover Corp. (NYSE:DOV) by 7.8% during the second quarter, Holdings Channel reports. The fund owned 4,941 shares of the company’s stock after selling 418 shares during the period. Advisors Asset Management Inc.’s holdings in Dover Corp. were worth $343,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Aviva PLC increased its position in shares of Dover Corp. by 1.0% in the first quarter. Aviva PLC now owns 79,853 shares of the company’s stock worth $5,137,000 after buying an additional 817 shares during the last quarter. ING Groep NV acquired a new position in shares of Dover Corp. during the first quarter worth approximately $227,000. Ropes Wealth Advisors LLC increased its position in shares of Dover Corp. by 9.7% in the first quarter. Ropes Wealth Advisors LLC now owns 3,722 shares of the company’s stock worth $239,000 after buying an additional 330 shares during the last quarter. M&T Bank Corp increased its position in shares of Dover Corp. by 2.5% in the first quarter. M&T Bank Corp now owns 197,054 shares of the company’s stock worth $12,677,000 after buying an additional 4,819 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its position in shares of Dover Corp. by 1.1% in the first quarter. Champlain Investment Partners LLC now owns 956,445 shares of the company’s stock worth $61,528,000 after buying an additional 10,475 shares during the last quarter. 85.59% of the stock is owned by hedge funds and other institutional investors.
Dover Corp. (NYSE:DOV) traded up 2.46% during trading on Friday, reaching $73.64. 1,565,238 shares of the company’s stock traded hands. The company has a 50 day moving average price of $71.76 and a 200-day moving average price of $68.80. The company has a market cap of $11.43 billion, a PE ratio of 21.18 and a beta of 1.37. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90.
Dover Corp. (NYSE:DOV) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.85 by $0.09. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The company earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The business’s revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Dover Corp. will post $3.34 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.44 dividend. This is a positive change from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Monday, August 29th. Dover Corp.’s dividend payout ratio is currently 50.29%.
A number of research analysts recently commented on the stock. Barclays PLC increased their price target on shares of Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 18th. Sanford C. Bernstein raised shares of Dover Corp. from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $75.00 to $87.00 in a research note on Friday, June 10th. Citigroup Inc. raised their price objective on shares of Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 8th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Dover Corp. in a research note on Wednesday, June 8th. Finally, Robert W. Baird raised shares of Dover Corp. from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $66.00 to $86.00 in a research note 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 issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $71.00.
In other Dover Corp. news, VP William Spurgeon sold 17,170 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the sale, the vice president now directly owns 59,163 shares in the company, valued at approximately $4,239,028.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert Livingston sold 25,927 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the sale, the chief executive officer now owns 192,630 shares in the company, valued at $13,337,701.20. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
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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