Twin Capital Management Inc. lowered its position in Dover Corp (NYSE:DOV) by 26.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,240 shares of the industrial products company’s stock after selling 24,270 shares during the quarter. Twin Capital Management Inc.’s holdings in Dover were worth $4,849,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of DOV. Optimum Investment Advisors acquired a new position in Dover in the first quarter valued at $104,000. Summit Trail Advisors LLC raised its position in Dover by 4,425.8% in the first quarter. Summit Trail Advisors LLC now owns 106,446 shares of the industrial products company’s stock valued at $106,000 after purchasing an additional 104,094 shares during the period. Winthrop Partners WNY LLC purchased a new position in Dover in the first quarter valued at about $126,000. Piedmont Investment Advisors LLC purchased a new position in Dover in the second quarter valued at about $133,000. Finally, Smithfield Trust Co. raised its position in Dover by 916.7% in the first quarter. Smithfield Trust Co. now owns 1,830 shares of the industrial products company’s stock valued at $180,000 after purchasing an additional 1,650 shares during the period. Hedge funds and other institutional investors own 90.93% of the company’s stock.
Shares of NYSE DOV traded up $0.14 during midday trading on Thursday, reaching $87.04. 8,974 shares of the company’s stock were exchanged, compared to its average volume of 1,235,275. Dover Corp has a 52-week low of $68.91 and a 52-week high of $88.11. The firm has a market cap of $12.68 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 1.48 and a beta of 1.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.93 and a current ratio of 1.35.
Dover (NYSE:DOV) last announced its earnings results on Thursday, July 19th. The industrial products company reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.09. Dover had a return on equity of 18.66% and a net margin of 9.64%. The business had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the company earned $1.04 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. research analysts predict that Dover Corp will post 4.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be issued a $0.48 dividend. This is a positive change from Dover’s previous quarterly dividend of $0.47. This represents a $1.92 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Thursday, August 30th. Dover’s payout ratio is currently 47.64%.
Several research analysts have commented on the company. UBS Group raised their price objective on Dover from $80.00 to $86.00 and gave the company a “neutral” rating in a research report on Thursday, August 30th. ValuEngine raised Dover from a “sell” rating to a “hold” rating in a research report on Saturday, August 18th. Seaport Global Securities reissued a “hold” rating and issued a $80.00 price objective on shares of Dover in a research report on Friday, July 20th. Barclays raised their price objective on Dover from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, July 20th. Finally, BMO Capital Markets cut their price objective on Dover from $98.00 to $93.00 and set an “outperform” rating on the stock in a research report on Friday, July 20th. Thirteen research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $92.14.
In related news, Director Kristiane C. Graham sold 50,000 shares of the business’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $82.75, for a total value of $4,137,500.00. Following the completion of the sale, the director now directly owns 367,324 shares of the company’s stock, valued at $30,396,061. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brad M. Cerepak sold 20,000 shares of the business’s stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $75.83, for a total value of $1,516,600.00. Following the completion of the sale, the chief financial officer now directly owns 61,801 shares of the company’s stock, valued at $4,686,369.83. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
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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