Huntington National Bank lowered its stake in shares of Dover Corp. (NYSE:DOV) by 43.8% during the second quarter, Holdings Channel reports. The institutional investor owned 49,866 shares of the company’s stock after selling 38,911 shares during the period. Huntington National Bank’s holdings in Dover Corp. were worth $3,457,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Teachers Advisors Inc. raised its position in Dover Corp. by 20.8% in the first quarter. Teachers Advisors Inc. now owns 257,778 shares of the company’s stock worth $16,583,000 after buying an additional 44,337 shares during the period. Prudential Financial Inc. raised its position in Dover Corp. by 0.4% in the first quarter. Prudential Financial Inc. now owns 217,305 shares of the company’s stock worth $13,979,000 after buying an additional 900 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Dover Corp. by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,002,956 shares of the company’s stock worth $257,510,000 after buying an additional 16,700 shares during the period. ING Groep NV acquired a new position in Dover Corp. during the first quarter worth $227,000. Finally, Aviva PLC raised its position in 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 period. 85.59% of the stock is owned by institutional investors and hedge funds.
Shares of Dover Corp. (NYSE:DOV) traded up 1.71% on Friday, reaching $67.78. The company had a trading volume of 1,751,992 shares. The company’s 50 day moving average price is $70.63 and its 200-day moving average price is $69.15. The stock has a market capitalization of $10.52 billion, a P/E ratio of 19.49 and a beta of 1.25. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was down 4.1% on a year-over-year basis. Equities analysts predict that Dover Corp. will post $3.34 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.60%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, August 29th. Dover Corp.’s payout ratio is presently 50.29%.
A number of research firms have recently weighed in on DOV. Citigroup Inc. dropped their price objective on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays PLC set a $68.00 price objective on Dover Corp. and gave the stock a “hold” rating in a research note on Tuesday. Zacks Investment Research lowered Dover Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Dover Corp. in a research note on Monday, June 27th. Finally, Susquehanna began coverage on Dover Corp. in a research note on Friday, October 7th. They issued a “neutral” rating and a $77.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. Dover Corp. has a consensus rating of “Hold” and an average price target of $72.19.
In other news, VP William Spurgeon sold 17,170 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $71.65, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert Livingston sold 25,927 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $69.24, for a total value of $1,795,185.48. Following the transaction, 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 owned by corporate 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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