State Board of Administration of Florida Retirement System Has $28.39 Million Stock Holdings in Dover Co. (NYSE:DOV)

State Board of Administration of Florida Retirement System lessened its holdings in Dover Co. (NYSE:DOVGet Rating) by 1.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 180,921 shares of the industrial products company’s stock after selling 2,845 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Dover were worth $28,387,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of DOV. Allspring Global Investments Holdings LLC acquired a new stake in Dover during the fourth quarter valued at $4,798,000. Commonwealth Equity Services LLC boosted its position in Dover by 5.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 22,654 shares of the industrial products company’s stock valued at $4,114,000 after purchasing an additional 1,186 shares during the last quarter. CWM LLC acquired a new stake in Dover during the fourth quarter valued at $85,000. Xponance Inc. boosted its position in Dover by 23.4% during the fourth quarter. Xponance Inc. now owns 9,049 shares of the industrial products company’s stock valued at $1,643,000 after purchasing an additional 1,718 shares during the last quarter. Finally, FDx Advisors Inc. raised its holdings in Dover by 19.0% during the fourth quarter. FDx Advisors Inc. now owns 5,162 shares of the industrial products company’s stock valued at $937,000 after buying an additional 824 shares in the last quarter. Institutional investors and hedge funds own 84.14% of the company’s stock.

Dover Trading Up 1.2 %

Shares of DOV opened at $134.03 on Friday. Dover Co. has a 12-month low of $116.66 and a 12-month high of $184.04. The company has a quick ratio of 0.87, a current ratio of 1.41 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $19.24 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 1.11 and a beta of 1.39. The stock’s 50-day moving average price is $126.04 and its 200 day moving average price is $142.80.

Dover (NYSE:DOVGet Rating) last issued its quarterly earnings results on Thursday, July 21st. The industrial products company reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.07. Dover had a return on equity of 26.94% and a net margin of 13.90%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the company posted $2.06 earnings per share. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, research analysts predict that Dover Co. will post 8.5 earnings per share for the current year.

Dover Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st will be issued a dividend of $0.505 per share. This represents a $2.02 dividend on an annualized basis and a yield of 1.51%. This is an increase from Dover’s previous quarterly dividend of $0.50. Dover’s payout ratio is presently 25.45%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DOV shares. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a report on Thursday, July 21st. Deutsche Bank Aktiengesellschaft cut their target price on Dover from $135.00 to $132.00 in a report on Friday, July 22nd. Morgan Stanley cut their target price on Dover from $161.00 to $149.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 31st. Royal Bank of Canada cut their target price on Dover from $170.00 to $162.00 and set a “sector perform” rating on the stock in a report on Friday, April 22nd. Finally, Wells Fargo & Company raised their target price on Dover to $135.00 in a report on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Dover currently has an average rating of “Hold” and a consensus price target of $161.17.

About Dover

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

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Institutional Ownership by Quarter for Dover (NYSE:DOV)

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