Diversified Trust Co cut its stake in Dover Corp. (NYSE:DOV) by 18.0% during the second quarter, Holdings Channel reports. The firm owned 5,650 shares of the company’s stock after selling 1,237 shares during the period. Diversified Trust Co’s holdings in Dover Corp. were worth $392,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in DOV. Bank of Montreal Can bought a new stake in Dover Corp. during the second quarter valued at about $116,346,000. Norges Bank bought a new stake in Dover Corp. during the fourth quarter valued at about $67,048,000. TIAA CREF Investment Management LLC raised its stake in Dover Corp. by 23.7% in the first quarter. TIAA CREF Investment Management LLC now owns 1,002,330 shares of the company’s stock valued at $64,480,000 after buying an additional 192,213 shares in the last quarter. PGGM Investments raised its stake in Dover Corp. by 12.0% in the second quarter. PGGM Investments now owns 588,341 shares of the company’s stock valued at $40,784,000 after buying an additional 63,049 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Dover Corp. by 0.9% in the first quarter. Franklin Resources Inc. now owns 6,692,483 shares of the company’s stock valued at $430,527,000 after buying an additional 56,874 shares in the last quarter. Hedge funds and other institutional investors own 85.59% of the company’s stock.
Dover Corp. (NYSE:DOV) traded up 2.91% during midday trading on Wednesday, hitting $71.47. 1,304,120 shares of the company were exchanged. The stock has a market capitalization of $11.09 billion, a PE ratio of 20.56 and a beta of 1.37. Dover Corp. has a one year low of $50.91 and a one year high of $74.90. The firm’s 50-day moving average price is $71.83 and its 200-day moving average price is $68.69.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The company earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the business posted $0.98 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Dover Corp. will post $3.34 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.44 dividend. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Monday, August 29th. Dover Corp.’s dividend payout ratio (DPR) is presently 50.29%.
Several research firms have issued reports on DOV. Barclays PLC raised their price target on shares of Dover Corp. from $65.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 18th. Citigroup Inc. lifted their target price on shares of Dover Corp. from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Wednesday, June 8th. Sanford C. Bernstein upgraded shares of Dover Corp. from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $75.00 to $87.00 in a research report on Friday, June 10th. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Finally, Zacks Investment Research lowered shares of Dover Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $71.00.
In related news, CEO Robert Livingston sold 25,927 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the transaction, the chief executive officer now owns 192,630 shares in the company, valued at approximately $13,337,701.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP William Spurgeon sold 17,170 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the completion of the transaction, the vice president now owns 59,163 shares of the company’s stock, valued at approximately $4,239,028.95. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
Dover Corp. Company Profile
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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