Cramer Rosenthal Mcglynn LLC lowered its stake in shares of Dover Corp (NYSE:DOV) by 32.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 470,626 shares of the industrial products company’s stock after selling 230,132 shares during the quarter. Dover accounts for 1.3% of Cramer Rosenthal Mcglynn LLC’s holdings, making the stock its 23rd biggest holding. Cramer Rosenthal Mcglynn LLC owned approximately 0.32% of Dover worth $47,157,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LLBH Private Wealth Management LLC bought a new position in Dover in the 2nd quarter valued at $65,000. APG Asset Management N.V. grew its position in Dover by 180.3% in the 2nd quarter. APG Asset Management N.V. now owns 691,697 shares of the industrial products company’s stock valued at $60,861,000 after acquiring an additional 444,913 shares during the last quarter. Prudential Financial Inc. grew its position in Dover by 225.4% in the 2nd quarter. Prudential Financial Inc. now owns 551,949 shares of the industrial products company’s stock valued at $55,305,000 after acquiring an additional 382,344 shares during the last quarter. BlackRock Inc. grew its position in Dover by 3.1% in the 2nd quarter. BlackRock Inc. now owns 12,354,483 shares of the industrial products company’s stock valued at $1,237,921,000 after acquiring an additional 371,171 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Dover by 4.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,504,293 shares of the industrial products company’s stock valued at $838,012,000 after acquiring an additional 368,878 shares during the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE DOV traded up $0.80 during mid-day trading on Friday, reaching $100.47. 22,596 shares of the company were exchanged, compared to its average volume of 798,998. The company has a quick ratio of 0.91, a current ratio of 1.34 and a debt-to-equity ratio of 1.00. The stock has a market cap of $14.11 billion, a price-to-earnings ratio of 20.22, a P/E/G ratio of 1.45 and a beta of 1.49. Dover Corp has a 1 year low of $65.83 and a 1 year high of $103.47. The firm has a 50-day moving average of $93.00 and a 200 day moving average of $94.79.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a $0.49 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This is a boost from Dover’s previous quarterly dividend of $0.48. This represents a $1.96 dividend on an annualized basis and a yield of 1.95%. Dover’s dividend payout ratio (DPR) is 39.44%.
A number of research firms have recently issued reports on DOV. ValuEngine downgraded Dover from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Barclays increased their price target on Dover from $111.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Royal Bank of Canada increased their price target on Dover to $97.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Citigroup increased their price target on Dover from $113.00 to $114.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Robert W. Baird increased their price target on Dover from $100.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $100.21.
In other news, insider Jay L. Kloosterboer sold 15,416 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $98.00, for a total value of $1,510,768.00. Following the transaction, the insider now directly owns 24,425 shares of the company’s stock, valued at $2,393,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP William Spurgeon sold 20,049 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $98.42, for a total value of $1,973,222.58. Following the completion of the transaction, the vice president now directly owns 5,296 shares in the company, valued at $521,232.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,383 shares of company stock valued at $4,385,834. 1.70% of the stock is currently owned by company insiders.
Dover Company Profile
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.
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