Meeder Asset Management Inc. lowered its position in Dover Corp (NYSE:DOV) by 37.9% during the first quarter, Holdings Channel reports. The firm owned 6,789 shares of the industrial products company’s stock after selling 4,150 shares during the period. Meeder Asset Management Inc.’s holdings in Dover Corp were worth $545,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of DOV. Cleararc Capital Inc. boosted its stake in shares of Dover Corp by 0.4% in the first quarter. Cleararc Capital Inc. now owns 3,799 shares of the industrial products company’s stock worth $305,000 after buying an additional 15 shares during the period. Diversified Trust Co boosted its stake in shares of Dover Corp by 0.8% in the first quarter. Diversified Trust Co now owns 4,554 shares of the industrial products company’s stock worth $366,000 after buying an additional 37 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Dover Corp by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,905 shares of the industrial products company’s stock worth $667,000 after buying an additional 40 shares during the period. Capital One National Association boosted its stake in shares of Dover Corp by 0.9% in the first quarter. Capital One National Association now owns 4,834 shares of the industrial products company’s stock worth $388,000 after buying an additional 44 shares during the period. Finally, Trust Co. of Toledo NA OH boosted its stake in shares of Dover Corp by 1.3% in the first quarter. Trust Co. of Toledo NA OH now owns 4,159 shares of the industrial products company’s stock worth $334,000 after buying an additional 53 shares during the period. 85.09% of the stock is currently owned by institutional investors.
Dover Corp (DOV) traded down 2.03% during trading on Tuesday, hitting $81.36. 646,486 shares of the stock traded hands. Dover Corp has a 52 week low of $63.93 and a 52 week high of $84.40. The stock has a market cap of $12.67 billion, a P/E ratio of 21.99 and a beta of 1.20. The firm’s 50-day moving average is $81.49 and its 200 day moving average is $79.29.
Dover Corp (NYSE:DOV) last announced its quarterly earnings data on Thursday, April 20th. The industrial products company reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.48. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.77 billion. Dover Corp had a return on equity of 17.82% and a net margin of 9.50%. The company’s revenue was up 11.8% on a year-over-year basis. During the same period last year, the company earned $0.64 earnings per share. Equities research analysts forecast that Dover Corp will post $4.21 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Wednesday, May 31st were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, May 26th. This represents a $1.76 dividend on an annualized basis and a yield of 2.12%. Dover Corp’s payout ratio is 47.44%.
A number of brokerages have weighed in on DOV. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Dover Corp in a report on Wednesday, June 7th. Citigroup Inc. increased their target price on shares of Dover Corp from $84.00 to $87.00 and gave the stock a “neutral” rating in a report on Tuesday, April 11th. CIBC reissued a “hold” rating on shares of Dover Corp in a report on Wednesday, May 24th. Stifel Nicolaus increased their target price on shares of Dover Corp from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, April 21st. Finally, BMO Capital Markets raised shares of Dover Corp from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $89.00 to $82.00 in a report on Thursday, June 8th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Dover Corp presently has an average rating of “Hold” and an average target price of $85.22.
In related news, Director Michael B. Stubbs sold 40,000 shares of Dover Corp stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $83.22, for a total value of $3,328,800.00. Following the completion of the sale, the director now directly owns 275,344 shares in the company, valued at $22,914,127.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP William Spurgeon sold 7,864 shares of Dover Corp stock in a transaction dated Wednesday, April 26th. The stock was sold at an average price of $81.25, for a total value of $638,950.00. Following the completion of the sale, the vice president now owns 39,155 shares of the company’s stock, valued at $3,181,343.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,502 shares of company stock valued at $5,216,444. Corporate insiders own 2.50% of the company’s stock.
Dover Corp Company Profile
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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