Connors Investor Services Inc. Decreases Position in Dover Corporation $DOV

Connors Investor Services Inc. lessened its stake in Dover Corporation (NYSE:DOV) by 98.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,550 shares of the industrial products company’s stock after selling 79,813 shares during the quarter. Connors Investor Services Inc.’s holdings in Dover were worth $259,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of DOV. Machina Capital S.A.S. grew its stake in shares of Dover by 91.8% during the 3rd quarter. Machina Capital S.A.S. now owns 16,834 shares of the industrial products company’s stock worth $2,808,000 after acquiring an additional 8,055 shares during the period. Generali Asset Management SPA SGR raised its stake in Dover by 103.4% in the 3rd quarter. Generali Asset Management SPA SGR now owns 16,020 shares of the industrial products company’s stock valued at $2,673,000 after acquiring an additional 8,145 shares during the period. SG Americas Securities LLC lifted its holdings in Dover by 1,644.9% during the third quarter. SG Americas Securities LLC now owns 26,749 shares of the industrial products company’s stock valued at $4,463,000 after purchasing an additional 25,216 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Dover by 17.3% during the third quarter. Federated Hermes Inc. now owns 43,300 shares of the industrial products company’s stock valued at $7,224,000 after purchasing an additional 6,399 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in Dover by 34.4% during the third quarter. Cerity Partners LLC now owns 91,061 shares of the industrial products company’s stock worth $15,192,000 after purchasing an additional 23,298 shares during the period. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Analyst Upgrades and Downgrades

DOV has been the topic of several research reports. Morgan Stanley set a $210.00 price target on shares of Dover in a research report on Wednesday, February 4th. Robert W. Baird set a $255.00 price objective on shares of Dover in a report on Friday, January 30th. Wall Street Zen raised shares of Dover from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. BNP Paribas Exane assumed coverage on Dover in a research report on Thursday, December 4th. They set a “neutral” rating and a $195.00 target price on the stock. Finally, Barclays set a $206.00 price target on Dover in a research report on Monday, February 2nd. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $225.67.

Insiders Place Their Bets

In related news, VP Girish Juneja sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $230.77, for a total value of $346,155.00. Following the transaction, the vice president directly owned 8,422 shares in the company, valued at approximately $1,943,544.94. This represents a 15.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ivonne M. Cabrera sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $233.23, for a total transaction of $932,920.00. Following the completion of the sale, the senior vice president directly owned 72,188 shares in the company, valued at $16,836,407.24. This represents a 5.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 82,497 shares of company stock worth $19,196,277 in the last ninety days. 1.20% of the stock is currently owned by insiders.

Dover Stock Performance

Dover stock opened at $213.92 on Wednesday. The firm’s 50 day simple moving average is $215.42 and its 200 day simple moving average is $193.02. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $28.85 billion, a PE ratio of 26.94, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. Dover Corporation has a 1-year low of $143.04 and a 1-year high of $237.54.

Dover (NYSE:DOV) last posted its earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.03. The business had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Dover had a net margin of 13.52% and a return on equity of 17.87%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.20 EPS. As a group, analysts expect that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, February 27th. Dover’s payout ratio is presently 26.20%.

Dover Profile

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.