Municipal Employees Retirement System of Michigan boosted its position in Dover Corporation (NYSE:DOV) by 141.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,910 shares of the industrial products company’s stock after buying an additional 6,970 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Dover Corporation were worth $955,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Reliance Trust Co. of Delaware increased its stake in shares of Dover Corporation by 1.4% in the second quarter. Reliance Trust Co. of Delaware now owns 3,025 shares of the industrial products company’s stock worth $243,000 after buying an additional 42 shares during the period. FineMark National Bank & Trust increased its stake in shares of Dover Corporation by 0.7% in the second quarter. FineMark National Bank & Trust now owns 3,292 shares of the industrial products company’s stock worth $264,000 after buying an additional 23 shares during the period. Strs Ohio increased its stake in shares of Dover Corporation by 3.4% in the second quarter. Strs Ohio now owns 9,908 shares of the industrial products company’s stock worth $794,000 after buying an additional 322 shares during the period. Moody Lynn & Lieberson LLC increased its stake in shares of Dover Corporation by 2.7% in the second quarter. Moody Lynn & Lieberson LLC now owns 8,655 shares of the industrial products company’s stock worth $694,000 after buying an additional 226 shares during the period. Finally, Contravisory Investment Management Inc. increased its stake in shares of Dover Corporation by 0.7% in the second quarter. Contravisory Investment Management Inc. now owns 3,323 shares of the industrial products company’s stock worth $267,000 after buying an additional 23 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Dover Corporation (DOV) opened at 85.05 on Friday. The firm has a market capitalization of $13.25 billion, a PE ratio of 21.26 and a beta of 1.27. Dover Corporation has a 52-week low of $65.50 and a 52-week high of $87.63. The firm’s 50-day moving average is $83.36 and its 200-day moving average is $80.94.

Dover Corporation (NYSE:DOV) last released its quarterly earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.03. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.94 billion. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The business’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.76 EPS. On average, analysts anticipate that Dover Corporation will post $4.31 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Tuesday, August 29th. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. Dover Corporation’s payout ratio is 44.11%.

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A number of analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Dover Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. BidaskClub downgraded shares of Dover Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Citigroup Inc. increased their price target on shares of Dover Corporation from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. Stifel Nicolaus increased their price target on shares of Dover Corporation from $88.00 to $91.00 and gave the stock a “hold” rating in a report on Friday, July 21st. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $90.00 price target (up from $89.00) on shares of Dover Corporation in a report on Thursday, July 6th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $87.73.

In other news, Director Michael B. Stubbs sold 25,000 shares of Dover Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the completion of the transaction, the director now owns 275,344 shares of the company’s stock, valued at approximately $23,965,941.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael B. Stubbs sold 40,000 shares of Dover Corporation stock in a transaction on Friday, May 19th. The stock was sold at an average price of $83.22, for a total value of $3,328,800.00. Following the transaction, the director now directly owns 275,344 shares of the company’s stock, valued at approximately $22,914,127.68. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

About Dover Corporation

Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.

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Institutional Ownership by Quarter for Dover Corporation (NYSE:DOV)

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