Bessemer Group Inc. Sells 1,390 Shares of Dover Co. (NYSE:DOV)

Posted by Defense World Staff on Aug 22nd, 2023

Bessemer Group Inc. lessened its stake in Dover Co. (NYSE:DOV – Free Report) by 19.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,694 shares of the industrial products company’s stock after selling 1,390 shares during the period. Bessemer Group Inc.’s holdings in Dover were worth $866,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in DOV. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Dover in the 4th quarter worth approximately $29,000. Glass Jacobson Investment Advisors llc bought a new position in shares of Dover in the 4th quarter worth about $31,000. Orion Capital Management LLC acquired a new position in shares of Dover in the 1st quarter valued at about $35,000. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its stake in Dover by 29,600.0% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 297 shares of the industrial products company’s stock valued at $45,000 after buying an additional 296 shares during the period. Finally, Fairfield Bush & CO. bought a new position in shares of Dover during the 1st quarter worth approximately $48,000. 83.77% of the stock is currently owned by institutional investors.

Dover Stock Down 0.5 %

DOV stock opened at $139.90 on Tuesday. The stock’s fifty day simple moving average is $145.40 and its two-hundred day simple moving average is $145.42. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.64. Dover Co. has a 1-year low of $114.49 and a 1-year high of $160.66. The stock has a market cap of $19.57 billion, a P/E ratio of 19.38, a P/E/G ratio of 1.37 and a beta of 1.34.

Dover (NYSE:DOV – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.16). Dover had a net margin of 12.04% and a return on equity of 27.33%. The firm had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the company earned $2.14 EPS. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that Dover Co. will post 8.89 EPS for the current year.

Dover Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.46%. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Wednesday, August 30th. Dover’s payout ratio is presently 27.98%.

Insider Activity at Dover

In related news, CFO Brad M. Cerepak sold 17,769 shares of the business’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $139.03, for a total transaction of $2,470,424.07. Following the sale, the chief financial officer now directly owns 54,569 shares in the company, valued at approximately $7,586,728.07. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Robert W. Baird lifted their price target on shares of Dover from $170.00 to $174.00 and gave the company an “outperform” rating in a research note on Tuesday, July 25th. StockNews.com started coverage on Dover in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company reduced their price objective on Dover from $155.00 to $152.00 in a research note on Monday, July 10th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Dover has a consensus rating of “Moderate Buy” and a consensus price target of $162.38.

Get Our Latest Research Report on Dover

Dover Company Profile

(Free Report)

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.