Dover Corp (DOV) Holdings Lifted by Washington Trust Bank
Washington Trust Bank raised its stake in shares of Dover Corp (NYSE:DOV) by 22.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,104 shares of the industrial products company’s stock after purchasing an additional 204 shares during the quarter. Washington Trust Bank’s holdings in Dover were worth $103,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of DOV. Stifel Financial Corp boosted its holdings in shares of Dover by 1.5% in the 4th quarter. Stifel Financial Corp now owns 72,331 shares of the industrial products company’s stock valued at $5,107,000 after acquiring an additional 1,046 shares during the last quarter. Weiss Multi Strategy Advisers LLC boosted its holdings in Dover by 41.5% during the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 75,000 shares of the industrial products company’s stock worth $5,321,000 after buying an additional 22,000 shares in the last quarter. Strategic Wealth Management Group LLC purchased a new stake in Dover during the fourth quarter worth $491,000. Oakbrook Investments LLC boosted its holdings in Dover by 84.6% during the fourth quarter. Oakbrook Investments LLC now owns 14,885 shares of the industrial products company’s stock worth $1,056,000 after buying an additional 6,820 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in Dover by 169.2% during the third quarter. Macquarie Group Ltd. now owns 3,500 shares of the industrial products company’s stock worth $310,000 after buying an additional 2,200 shares in the last quarter. Institutional investors and hedge funds own 86.34% of the company’s stock.
In related news, SVP Jay L. Kloosterboer sold 12,363 shares of Dover stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $87.53, for a total value of $1,082,133.39. Following the completion of the transaction, the senior vice president now owns 23,827 shares in the company, valued at $2,085,577.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William Spurgeon sold 13,102 shares of Dover stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $87.19, for a total transaction of $1,142,363.38. Following the completion of the transaction, the vice president now owns 6,393 shares of the company’s stock, valued at approximately $557,405.67. The disclosure for this sale can be found here. In the last three months, insiders sold 48,200 shares of company stock valued at $4,277,800. Insiders own 1.70% of the company’s stock.
Dover (NYSE:DOV) last announced its earnings results on Tuesday, January 29th. The industrial products company reported $1.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.14. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Dover had a net margin of 7.84% and a return on equity of 24.90%. Dover’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.84 earnings per share. Equities research analysts anticipate that Dover Corp will post 5.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 28th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Wednesday, February 27th. Dover’s payout ratio is 38.63%.
A number of analysts recently issued reports on DOV shares. Zacks Investment Research raised shares of Dover from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a report on Wednesday, March 27th. UBS Group raised shares of Dover from a “neutral” rating to a “buy” rating and set a $76.35 price target on the stock in a report on Thursday, January 10th. Morgan Stanley downgraded shares of Dover from an “overweight” rating to an “equal” rating and lowered their price target for the stock from $94.00 to $89.00 in a report on Tuesday, December 18th. SunTrust Banks increased their price target on shares of Dover to $91.00 and gave the stock a “hold” rating in a report on Wednesday, January 30th. They noted that the move was a valuation call. Finally, Oppenheimer reissued a “hold” rating on shares of Dover in a report on Tuesday, January 29th. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $91.03.
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Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.
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