Dover Corp. (DOV) Position Cut by Court Place Advisors LLC
Court Place Advisors LLC lowered its stake in Dover Corp. (NYSE:DOV) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 15,725 shares of the company’s stock after selling 74 shares during the period. Court Place Advisors LLC’s holdings in Dover Corp. were worth $1,090,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Dover Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,269,848 shares of the company’s stock valued at $81,526,000 after buying an additional 23,865 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in Dover Corp. by 3.0% in the first quarter. Pictet Asset Management Ltd. now owns 89,544 shares of the company’s stock valued at $5,443,000 after buying an additional 2,600 shares during the last quarter. National Pension Service raised its stake in Dover Corp. by 4.4% in the first quarter. National Pension Service now owns 114,897 shares of the company’s stock valued at $7,391,000 after buying an additional 4,883 shares during the last quarter. Champlain Investment Partners LLC raised its stake in Dover Corp. by 1.1% in the first quarter. Champlain Investment Partners LLC now owns 956,445 shares of the company’s stock valued at $61,528,000 after buying an additional 10,475 shares during the last quarter. Finally, Norges Bank bought a new stake in Dover Corp. during the fourth quarter valued at about $67,048,000. Institutional investors and hedge funds own 85.59% of the company’s stock.
Dover Corp. (NYSE:DOV) traded up 1.09% during midday trading on Monday, reaching $68.68. The company’s stock had a trading volume of 841,360 shares. Dover Corp. has a 12 month low of $50.91 and a 12 month high of $74.90. The stock has a 50-day moving average price of $72.14 and a 200 day moving average price of $68.37. The company has a market cap of $10.66 billion, a PE ratio of 19.75 and a beta of 1.37.
Dover Corp. (NYSE:DOV) last posted its earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. Dover Corp. had a return on equity of 14.27% and a net margin of 8.03%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the business earned $0.98 EPS. Dover Corp.’s quarterly revenue was down 4.1% compared to the same quarter last year. Analysts expect that Dover Corp. will post $3.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.44 per share. The ex-dividend date was Monday, August 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.56%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is currently 50.29%.
DOV has been the topic of several analyst reports. Sanford C. Bernstein reiterated an “outperform” rating on shares of Dover Corp. in a report on Monday, June 27th. Citigroup Inc. boosted their price target on Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 8th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Dover Corp. in a research report on Wednesday, June 8th. Zacks Investment Research downgraded Dover Corp. from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. Finally, TheStreet raised Dover Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, May 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $71.00.
In other news, VP C. Anderson Fincher sold 1,420 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total transaction of $104,256.40. Following the completion of the sale, the vice president now owns 40,326 shares in the company, valued at approximately $2,960,734.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP William Spurgeon sold 17,170 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $71.65, for a total transaction of $1,230,230.50. Following the sale, 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. Company insiders own 2.60% of the company’s stock.
About Dover Corp.
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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