State Board of Administration of Florida Retirement System cut its holdings in shares of Dover Co. (NYSE:DOV – Get Rating) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 180,921 shares of the industrial products company’s stock after selling 2,845 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.13% of Dover worth $28,387,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Life Planning Partners Inc acquired a new stake in Dover during the fourth quarter worth about $41,000. FinTrust Capital Advisors LLC acquired a new stake in Dover during the first quarter worth about $44,000. Hazlett Burt & Watson Inc. acquired a new stake in Dover during the first quarter worth about $53,000. Jones Financial Companies Lllp increased its stake in Dover by 41.1% during the first quarter. Jones Financial Companies Lllp now owns 347 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 101 shares during the last quarter. Finally, Covestor Ltd acquired a new stake in Dover during the fourth quarter worth about $64,000. 84.14% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
DOV has been the subject of a number of recent research reports. Barclays lowered their target price on Dover from $140.00 to $128.00 and set an “equal weight” rating for the company in a research note on Friday, July 8th. Robert W. Baird lowered their target price on Dover from $194.00 to $169.00 in a research note on Thursday, April 21st. Deutsche Bank Aktiengesellschaft lowered their target price on Dover from $135.00 to $132.00 in a research note on Friday, July 22nd. The Goldman Sachs Group lowered their target price on Dover from $176.00 to $146.00 and set a “buy” rating for the company in a research note on Thursday, June 23rd. Finally, Mizuho reduced their price target on Dover from $175.00 to $155.00 and set a “buy” rating for the company in a report on Monday, July 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $161.17.
Dover Trading Up 1.2 %
Dover (NYSE:DOV – Get Rating) last released its earnings results on Thursday, July 21st. The industrial products company reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.07. Dover had a return on equity of 26.94% and a net margin of 13.90%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the business posted $2.06 EPS. Dover’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts predict that Dover Co. will post 8.5 EPS for the current year.
Dover Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 31st will be issued a $0.505 dividend. This is an increase from Dover’s previous quarterly dividend of $0.50. This represents a $2.02 annualized dividend and a dividend yield of 1.51%. Dover’s dividend payout ratio (DPR) is 25.45%.
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides various equipment, component, software, solution, and services that are used in aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.
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