Verition Fund Management LLC lowered its stake in Dover Co. (NYSE:DOV – Get Rating) by 12.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,434 shares of the industrial products company’s stock after selling 4,961 shares during the quarter. Verition Fund Management LLC’s holdings in Dover were worth $4,798,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in DOV. Nuveen Asset Management LLC boosted its holdings in Dover by 27.7% in the third quarter. Nuveen Asset Management LLC now owns 2,607,299 shares of the industrial products company’s stock worth $303,959,000 after purchasing an additional 565,772 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Dover by 21.1% in the third quarter. Alliancebernstein L.P. now owns 2,501,261 shares of the industrial products company’s stock worth $291,597,000 after purchasing an additional 436,060 shares during the last quarter. Two Sigma Advisers LP raised its position in Dover by 134.8% in the third quarter. Two Sigma Advisers LP now owns 570,200 shares of the industrial products company’s stock worth $66,474,000 after acquiring an additional 327,400 shares during the period. Price T Rowe Associates Inc. MD raised its position in Dover by 41.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 896,881 shares of the industrial products company’s stock worth $104,559,000 after acquiring an additional 263,414 shares during the period. Finally, State Street Corp raised its position in Dover by 3.5% in the third quarter. State Street Corp now owns 6,867,691 shares of the industrial products company’s stock worth $800,635,000 after acquiring an additional 231,562 shares during the period. Hedge funds and other institutional investors own 85.52% of the company’s stock.
Insiders Place Their Bets
In other Dover news, CFO Brad M. Cerepak sold 17,769 shares of Dover stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $139.03, for a total value of $2,470,424.07. Following the completion of the transaction, the chief financial officer now directly owns 54,569 shares of the company’s stock, valued at approximately $7,586,728.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.
Dover Stock Performance
Dover (NYSE:DOV – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $1.94 EPS for the quarter, hitting analysts’ consensus estimates of $1.94. Dover had a net margin of 12.51% and a return on equity of 28.27%. The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same period last year, the company posted $1.90 EPS. The business’s revenue was up 1.4% on a year-over-year basis. On average, analysts expect that Dover Co. will post 9 earnings per share for the current fiscal year.
Dover Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be paid a $0.505 dividend. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.41%. Dover’s payout ratio is currently 26.93%.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Dover from $147.00 to $145.00 and set a “hold” rating on the stock in a research report on Wednesday, April 12th. Credit Suisse Group reiterated an “outperform” rating and issued a $174.00 price target on shares of Dover in a research report on Thursday, March 9th. Barclays decreased their price target on shares of Dover from $141.00 to $138.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 6th. Wells Fargo & Company decreased their price objective on shares of Dover from $157.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. Finally, 92 Resources restated a “maintains” rating on shares of Dover in a research report on Thursday, April 27th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $162.31.
Dover Company Profile
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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