Cibc World Markets Corp Sells 7,886 Shares of Dover Co. (NYSE:DOV)

Posted by on Feb 27th, 2023

Cibc World Markets Corp reduced its holdings in Dover Co. (NYSE:DOV – Get Rating) by 78.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,178 shares of the industrial products company’s stock after selling 7,886 shares during the period. Cibc World Markets Corp’s holdings in Dover were worth $254,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in DOV. MV Capital Management Inc. increased its position in shares of Dover by 308.8% during the third quarter. MV Capital Management Inc. now owns 233 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 176 shares during the period. Ellevest Inc. increased its position in shares of Dover by 47.0% during the third quarter. Ellevest Inc. now owns 244 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 78 shares during the period. Fairfield Bush & CO. bought a new stake in shares of Dover during the first quarter valued at approximately $48,000. Guardian Wealth Advisors LLC bought a new stake in shares of Dover during the third quarter valued at approximately $50,000. Finally, Glassman Wealth Services increased its position in shares of Dover by 30.7% during the second quarter. Glassman Wealth Services now owns 430 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 101 shares during the period. 85.52% of the stock is owned by institutional investors.

Dover Trading Down 0.3 %

NYSE DOV opened at $148.40 on Monday. The stock has a 50-day simple moving average of $144.49 and a 200 day simple moving average of $135.69. The company has a market capitalization of $20.73 billion, a PE ratio of 19.97, a P/E/G ratio of 1.18 and a beta of 1.36. The company has a current ratio of 1.23, a quick ratio of 0.74 and a debt-to-equity ratio of 0.69. Dover Co. has a 12 month low of $114.49 and a 12 month high of $162.88.

Dover (NYSE:DOV – Get Rating) last announced its quarterly earnings results on Tuesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.01. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Dover had a return on equity of 28.55% and a net margin of 12.52%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.78 earnings per share. Research analysts forecast that Dover Co. will post 8.99 EPS for the current year.

Dover Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th will be issued a dividend of $0.505 per share. The ex-dividend date is Monday, February 27th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.36%. Dover’s payout ratio is presently 27.19%.

Analyst Upgrades and Downgrades

DOV has been the topic of a number of research reports. Citigroup boosted their price objective on Dover from $162.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, February 1st. The Goldman Sachs Group boosted their price target on Dover from $139.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, December 15th. JPMorgan Chase & Co. boosted their price target on Dover from $140.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, February 2nd. Wells Fargo & Company boosted their price objective on Dover from $149.00 to $157.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 1st. Finally, Morgan Stanley boosted their price objective on Dover from $144.00 to $152.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 1st. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.50.

Dover Profile

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Dover Corp. operates as a manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services. It operates through the following segments: Engineered Products, Clean Energy and Fueling, Imaging and Identification, Pumps and Process Solutions, and Climate and Sustainability Technologies.

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Institutional Ownership by Quarter for Dover (NYSE:DOV)

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