Connors Investor Services Inc. Sells 79,813 Shares of Dover Corporation $DOV

Connors Investor Services Inc. cut its stake in Dover Corporation (NYSE:DOV) by 98.1% in the 3rd quarter, Holdings Channel reports. The fund owned 1,550 shares of the industrial products company’s stock after selling 79,813 shares during the quarter. Connors Investor Services Inc.’s holdings in Dover were worth $259,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Machina Capital S.A.S. boosted its holdings in shares of Dover by 91.8% in the 3rd quarter. Machina Capital S.A.S. now owns 16,834 shares of the industrial products company’s stock worth $2,808,000 after purchasing an additional 8,055 shares in the last quarter. Generali Asset Management SPA SGR raised its holdings in shares of Dover by 103.4% during the 3rd quarter. Generali Asset Management SPA SGR now owns 16,020 shares of the industrial products company’s stock valued at $2,673,000 after buying an additional 8,145 shares in the last quarter. SG Americas Securities LLC lifted its position in Dover by 1,644.9% in the 3rd quarter. SG Americas Securities LLC now owns 26,749 shares of the industrial products company’s stock worth $4,463,000 after buying an additional 25,216 shares during the last quarter. Federated Hermes Inc. lifted its position in Dover by 17.3% in the 3rd quarter. Federated Hermes Inc. now owns 43,300 shares of the industrial products company’s stock worth $7,224,000 after buying an additional 6,399 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in Dover by 34.4% in the third quarter. Cerity Partners LLC now owns 91,061 shares of the industrial products company’s stock worth $15,192,000 after buying an additional 23,298 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Insider Buying and Selling at Dover

In other news, CEO Richard J. Tobin sold 76,997 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the completion of the sale, the chief executive officer directly owned 217,979 shares in the company, valued at approximately $50,723,713.30. This represents a 26.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Girish Juneja sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $230.77, for a total value of $346,155.00. Following the completion of the sale, the vice president directly owned 8,422 shares in the company, valued at $1,943,544.94. The trade was a 15.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 82,497 shares of company stock worth $19,196,277. 1.20% of the stock is currently owned by company insiders.

Dover Stock Performance

Shares of DOV stock opened at $213.92 on Wednesday. The company has a market capitalization of $28.85 billion, a P/E ratio of 26.94, a PEG ratio of 1.59 and a beta of 1.27. Dover Corporation has a fifty-two week low of $143.04 and a fifty-two week high of $237.54. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.79. The stock has a 50 day moving average price of $215.42 and a two-hundred day moving average price of $193.02.

Dover (NYSE:DOV) last issued its earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.03. Dover had a net margin of 13.52% and a return on equity of 17.87%. The firm had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter last year, the business earned $2.20 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. Analysts expect that Dover Corporation will post 9.45 earnings per share for the current year.

Dover Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, February 27th. Dover’s dividend payout ratio (DPR) is 26.20%.

Analyst Ratings Changes

Several research firms have commented on DOV. Citigroup reissued a “buy” rating on shares of Dover in a research note on Monday, January 12th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $224.00 price objective on shares of Dover in a research note on Saturday, January 31st. Barclays set a $206.00 target price on shares of Dover in a report on Monday, February 2nd. Oppenheimer boosted their price target on shares of Dover from $228.00 to $232.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Finally, Morgan Stanley set a $210.00 price target on shares of Dover in a research report on Wednesday, February 4th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Dover currently has an average rating of “Moderate Buy” and an average target price of $225.67.

About Dover

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.