American Research & Management Co. trimmed its position in Dover Co. (NYSE:DOV) by 6.5% in the first quarter, HoldingsChannel reports. The firm owned 58,650 shares of the industrial products company’s stock after selling 4,075 shares during the quarter. Dover accounts for about 1.9% of American Research & Management Co.’s holdings, making the stock its 21st largest holding. American Research & Management Co.’s holdings in Dover were worth $8,043,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Kestra Private Wealth Services LLC grew its position in Dover by 2.3% in the 4th quarter. Kestra Private Wealth Services LLC now owns 3,761 shares of the industrial products company’s stock worth $468,000 after purchasing an additional 85 shares in the last quarter. Truist Financial Corp boosted its stake in Dover by 26.6% in the fourth quarter. Truist Financial Corp now owns 62,225 shares of the industrial products company’s stock valued at $7,856,000 after acquiring an additional 13,087 shares during the last quarter. AQR Capital Management LLC boosted its stake in Dover by 75.3% in the third quarter. AQR Capital Management LLC now owns 189,525 shares of the industrial products company’s stock valued at $20,533,000 after acquiring an additional 81,392 shares during the last quarter. Marvin & Palmer Associates Inc. purchased a new position in Dover in the fourth quarter valued at about $9,652,000. Finally, Sei Investments Co. boosted its stake in Dover by 57.9% in the fourth quarter. Sei Investments Co. now owns 51,202 shares of the industrial products company’s stock valued at $6,467,000 after acquiring an additional 18,774 shares during the last quarter. 82.70% of the stock is owned by institutional investors and hedge funds.
In other Dover news, SVP Ivonne M. Cabrera sold 3,617 shares of the stock in a transaction on Monday, March 8th. The shares were sold at an average price of $133.00, for a total transaction of $481,061.00. Following the completion of the sale, the senior vice president now owns 21,454 shares of the company’s stock, valued at approximately $2,853,382. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.98% of the stock is currently owned by company insiders.
Dover (NYSE:DOV) last released its earnings results on Thursday, January 28th. The industrial products company reported $1.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.17. Dover had a net margin of 10.02% and a return on equity of 26.73%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm earned $1.54 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts anticipate that Dover Co. will post 5.49 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, March 15th. Investors of record on Friday, March 5th were issued a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 1.43%. The ex-dividend date was Thursday, February 25th. Dover’s dividend payout ratio is currently 33.39%.
A number of research analysts have weighed in on DOV shares. Oppenheimer reiterated a “hold” rating on shares of Dover in a research note on Wednesday, January 27th. Morgan Stanley upped their price target on shares of Dover from $134.00 to $137.00 and gave the company an “equal weight” rating in a research note on Friday, January 29th. Barclays upped their price target on shares of Dover from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Zacks Investment Research cut shares of Dover from a “buy” rating to a “hold” rating and set a $130.00 price target on the stock. in a research note on Tuesday, December 22nd. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Dover currently has a consensus rating of “Hold” and a consensus price target of $128.22.
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides aftermarket vehicle, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, bearings, drives, electric monitoring, and fluid dispensing systems.
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