Dover (NYSE:DOV) CEO Richard Tobin Sells 86,440 Shares of Stock

Dover Corporation (NYSE:DOV) CEO Richard Tobin sold 86,440 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $214.86, for a total transaction of $18,572,498.40. Following the completion of the transaction, the chief executive officer directly owned 212,855 shares in the company, valued at $45,734,025.30. The trade was a 28.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Dover Trading Down 1.2%

Shares of DOV stock opened at $213.36 on Wednesday. Dover Corporation has a 1-year low of $176.40 and a 1-year high of $237.54. The firm has a market cap of $28.38 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 1.86 and a beta of 1.10. The company has a 50-day moving average of $194.44 and a two-hundred day moving average of $209.68. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.95 and a quick ratio of 1.37.

Dover (NYSE:DOV) last released its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.03. Dover had a net margin of 13.60% and a return on equity of 18.68%. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the firm earned $2.62 EPS. The business’s revenue was up 7.5% on a year-over-year basis. On average, analysts predict that Dover Corporation will post 10.72 EPS for the current year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a $0.5250 dividend. The ex-dividend date of this dividend was Monday, August 31st. This is a positive change from Dover’s previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a yield of 1.0%. Dover’s dividend payout ratio is presently 24.48%.

Hedge Funds Weigh In On Dover

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Dover in the second quarter valued at approximately $2,347,134,000. Bank of New York Mellon Corp grew its position in shares of Dover by 5.2% during the first quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company’s stock worth $631,806,000 after acquiring an additional 150,319 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Dover during the second quarter worth approximately $625,375,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Dover by 2.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company’s stock valued at $217,433,000 after acquiring an additional 20,590 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in shares of Dover in the 2nd quarter valued at $211,269,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Analyst Ratings Changes

DOV has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price objective on Dover from $216.00 to $219.00 and gave the company a “sector perform” rating in a report on Friday, October 23rd. Robert W. Baird set a $258.00 target price on Dover in a research note on Friday, October 23rd. Mizuho lowered their target price on Dover from $270.00 to $245.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Weiss Ratings downgraded Dover from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. Finally, Wells Fargo & Company boosted their price target on shares of Dover from $229.00 to $233.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Dover has an average rating of “Moderate Buy” and an average target price of $238.60.

Dover Company Profile

Dover Corporation (NYSE: DOV) is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.

The company’s products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.