Inverness Counsel LLC NY reduced its position in Dover Corp (NYSE:DOV) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 865,966 shares of the industrial products company’s stock after selling 76,302 shares during the quarter. Dover makes up about 4.4% of Inverness Counsel LLC NY’s investment portfolio, making the stock its 3rd biggest holding. Inverness Counsel LLC NY’s holdings in Dover were worth $81,228,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Dover by 17.4% in the fourth quarter. BlackRock Inc. now owns 11,821,885 shares of the industrial products company’s stock valued at $838,764,000 after acquiring an additional 1,754,640 shares during the period. Boston Partners boosted its stake in Dover by 29.2% in the first quarter. Boston Partners now owns 7,642,284 shares of the industrial products company’s stock valued at $716,846,000 after acquiring an additional 1,728,856 shares during the period. Geode Capital Management LLC boosted its stake in Dover by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,908,781 shares of the industrial products company’s stock valued at $135,190,000 after acquiring an additional 122,881 shares during the period. Norges Bank acquired a new position in Dover in the fourth quarter valued at approximately $89,421,000. Finally, Deutsche Bank AG boosted its stake in Dover by 126.5% in the fourth quarter. Deutsche Bank AG now owns 999,883 shares of the industrial products company’s stock valued at $70,937,000 after acquiring an additional 558,477 shares during the period. 85.65% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE DOV traded down $1.71 during midday trading on Thursday, hitting $91.33. 2,472 shares of the company’s stock were exchanged, compared to its average volume of 1,015,394. The company has a current ratio of 1.30, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The company has a market cap of $13.52 billion, a PE ratio of 18.37, a P/E/G ratio of 1.45 and a beta of 1.49. Dover Corp has a twelve month low of $65.83 and a twelve month high of $99.46.
Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, April 18th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.12. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.69 billion. Dover had a return on equity of 28.48% and a net margin of 7.69%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. Sell-side analysts forecast that Dover Corp will post 5.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.92 annualized dividend and a dividend yield of 2.10%. Dover’s dividend payout ratio is presently 38.63%.
A number of equities analysts have commented on DOV shares. Robert W. Baird downgraded Dover from an “outperform” rating to a “neutral” rating in a research note on Monday, April 22nd. Barclays lifted their target price on Dover from $93.00 to $99.00 and gave the company an “overweight” rating in a research note on Wednesday, April 3rd. Zacks Investment Research downgraded Dover from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. Deutsche Bank set a $102.00 target price on Dover and gave the company a “hold” rating in a research note on Monday, April 22nd. Finally, ValuEngine upgraded Dover from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $94.10.
In other news, VP Carrie L. Anderson sold 9,038 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $91.95, for a total transaction of $831,044.10. Following the completion of the transaction, the vice president now directly owns 4,192 shares in the company, valued at $385,454.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Anthony K. Kosinski sold 4,241 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $90.53, for a total value of $383,937.73. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
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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