M&T Bank Corp Trims Holdings in Dover Co. (NYSE:DOV)

M&T Bank Corp reduced its holdings in shares of Dover Co. (NYSE:DOV) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,773 shares of the industrial products company’s stock after selling 3,520 shares during the period. M&T Bank Corp owned 0.10% of Dover worth $21,191,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vontobel Holding Ltd. boosted its position in shares of Dover by 7.2% in the 4th quarter. Vontobel Holding Ltd. now owns 25,421 shares of the industrial products company’s stock worth $3,910,000 after purchasing an additional 1,718 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Dover by 5.5% in the fourth quarter. Nordea Investment Management AB now owns 557,953 shares of the industrial products company’s stock worth $85,612,000 after acquiring an additional 29,096 shares during the last quarter. Vest Financial LLC increased its holdings in shares of Dover by 35.7% during the fourth quarter. Vest Financial LLC now owns 202,490 shares of the industrial products company’s stock valued at $31,145,000 after acquiring an additional 53,273 shares in the last quarter. Chartwell Investment Partners LLC raised its position in shares of Dover by 15.6% in the 3rd quarter. Chartwell Investment Partners LLC now owns 6,733 shares of the industrial products company’s stock worth $939,000 after purchasing an additional 907 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Dover by 112.9% in the 4th quarter. SG Americas Securities LLC now owns 11,409 shares of the industrial products company’s stock worth $1,755,000 after purchasing an additional 6,050 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on DOV. Citigroup raised their price objective on shares of Dover from $180.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, April 8th. StockNews.com upgraded shares of Dover from a “hold” rating to a “buy” rating in a report on Friday, April 26th. Barclays lifted their price objective on Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Seaport Res Ptn upgraded shares of Dover from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Finally, Robert W. Baird increased their price target on Dover from $185.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.75.

Insiders Place Their Bets

In other news, CFO Brad M. Cerepak sold 6,000 shares of Dover stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the sale, the chief financial officer now owns 17,909 shares in the company, valued at $3,164,699.39. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Dover news, CFO Brad M. Cerepak sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the completion of the transaction, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $163.01, for a total value of $3,001,014.10. Following the transaction, the chief financial officer now owns 23,909 shares of the company’s stock, valued at $3,897,406.09. The disclosure for this sale can be found here. Insiders sold 25,910 shares of company stock worth $4,318,059 in the last three months. 1.30% of the stock is owned by company insiders.

Dover Stock Performance

Dover stock traded up $1.44 during trading on Friday, reaching $178.99. The company had a trading volume of 1,273,495 shares, compared to its average volume of 1,097,850. The firm’s 50-day simple moving average is $173.44 and its 200 day simple moving average is $155.62. The company has a current ratio of 1.31, a quick ratio of 0.89 and a debt-to-equity ratio of 0.58. Dover Co. has a 52 week low of $127.25 and a 52 week high of $182.33. The firm has a market capitalization of $24.60 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25.

Dover (NYSE:DOV) last released its earnings results on Thursday, April 25th. The industrial products company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.07. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Dover had a net margin of 17.28% and a return on equity of 25.04%. Dover’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.94 EPS. Sell-side analysts forecast that Dover Co. will post 9.1 earnings per share for the current fiscal year.

Dover Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 1.14%. Dover’s dividend payout ratio is presently 19.60%.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.