CIBC Private Wealth Group LLC reduced its stake in Dover Corp (NYSE:DOV) by 75.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,868 shares of the industrial products company’s stock after selling 17,561 shares during the period. CIBC Private Wealth Group LLC’s holdings in Dover were worth $430,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Optimum Investment Advisors purchased a new stake in Dover in the first quarter worth about $104,000. Winthrop Partners WNY LLC purchased a new stake in Dover in the first quarter worth about $126,000. Piedmont Investment Advisors LLC purchased a new stake in Dover in the second quarter worth about $133,000. Smithfield Trust Co. grew its holdings in Dover by 916.7% in the first quarter. Smithfield Trust Co. now owns 1,830 shares of the industrial products company’s stock worth $180,000 after purchasing an additional 1,650 shares during the period. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Dover in the first quarter worth about $206,000. 90.77% of the stock is owned by institutional investors.
In related news, Director Mary A. Winston sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $78.86, for a total value of $197,150.00. Following the sale, the director now owns 15,055 shares in the company, valued at $1,187,237.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jay L. Kloosterboer sold 14,745 shares of the firm’s stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $78.67, for a total transaction of $1,159,989.15. Following the completion of the sale, the senior vice president now owns 23,096 shares in the company, valued at approximately $1,816,962.32. The disclosure for this sale can be found here. Insiders sold 87,245 shares of company stock worth $7,011,239 in the last 90 days. 2.60% of the stock is currently owned by corporate insiders.
NYSE:DOV opened at $83.95 on Friday. Dover Corp has a 52 week low of $67.06 and a 52 week high of $88.11. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.93 and a current ratio of 1.35. The company has a market cap of $12.05 billion, a PE ratio of 20.83, a PEG ratio of 1.41 and a beta of 1.32.
Dover (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 19th. The industrial products company reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.09. Dover had a net margin of 9.64% and a return on equity of 18.66%. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the prior year, the company posted $1.04 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. equities analysts predict that Dover Corp will post 4.83 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be issued a dividend of $0.48 per share. This is a boost from Dover’s previous quarterly dividend of $0.47. The ex-dividend date is Thursday, August 30th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.29%. Dover’s dividend payout ratio is presently 46.65%.
A number of equities research analysts have weighed in on the stock. Citigroup upped their price objective on shares of Dover from $84.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, July 20th. ValuEngine upgraded shares of Dover from a “sell” rating to a “hold” rating in a report on Saturday. William Blair reiterated a “market perform” rating on shares of Dover in a report on Tuesday, July 3rd. BMO Capital Markets cut their price target on shares of Dover from $118.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, April 30th. Finally, Oppenheimer reiterated a “hold” rating on shares of Dover in a report on Thursday, July 19th. Thirteen investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $92.62.
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for the production and processing of fuels for drilling and production, bearings and compression, and automation end markets.
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