Choate Investment Advisors lowered its stake in Dover Corporation (NYSE:DOV) by 25.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,852 shares of the industrial products company’s stock after selling 3,663 shares during the quarter. Choate Investment Advisors’ holdings in Dover Corporation were worth $871,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of DOV. Vanguard Group Inc. increased its stake in Dover Corporation by 5.2% during the first quarter. Vanguard Group Inc. now owns 16,178,861 shares of the industrial products company’s stock worth $1,299,971,000 after purchasing an additional 792,862 shares during the period. BlackRock Inc. increased its stake in Dover Corporation by 3.9% during the second quarter. BlackRock Inc. now owns 10,314,301 shares of the industrial products company’s stock worth $827,412,000 after purchasing an additional 389,449 shares during the period. Bank of America Corp DE increased its stake in Dover Corporation by 9.4% during the first quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock worth $517,953,000 after purchasing an additional 553,136 shares during the period. Pzena Investment Management LLC increased its stake in Dover Corporation by 0.3% during the second quarter. Pzena Investment Management LLC now owns 5,599,307 shares of the industrial products company’s stock worth $449,176,000 after purchasing an additional 17,738 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Dover Corporation by 11.5% during the second quarter. JPMorgan Chase & Co. now owns 4,962,208 shares of the industrial products company’s stock worth $398,069,000 after purchasing an additional 511,469 shares during the period. 86.06% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on the stock. Seaport Global Securities reiterated a “neutral” rating on shares of Dover Corporation in a research note on Wednesday. Robert W. Baird reiterated a “buy” rating and set a $95.00 price target on shares of Dover Corporation in a research note on Tuesday, September 12th. Royal Bank Of Canada reiterated a “hold” rating and set a $91.00 price target on shares of Dover Corporation in a research note on Wednesday, September 6th. BMO Capital Markets reiterated a “buy” rating and set a $94.00 price target on shares of Dover Corporation in a research note on Sunday, August 27th. Finally, Zacks Investment Research upgraded shares of Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Tuesday, July 18th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Dover Corporation currently has an average rating of “Hold” and a consensus target price of $89.42.
In other news, Director Michael B. Stubbs sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $87.04, for a total value of $2,176,000.00. Following the completion of the sale, the director now directly owns 275,344 shares in the company, valued at approximately $23,965,941.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is currently owned by insiders.
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Dover Corporation (NYSE DOV) traded down 0.26% during midday trading on Friday, hitting $89.81. The stock had a trading volume of 1,117,406 shares. Dover Corporation has a 12-month low of $65.50 and a 12-month high of $90.35. The company has a market cap of $13.99 billion, a price-to-earnings ratio of 22.45 and a beta of 1.26. The company has a 50-day moving average price of $85.69 and a 200-day moving average price of $82.03.
Dover Corporation (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.03. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business earned $0.76 EPS. Dover Corporation’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts anticipate that Dover Corporation will post $4.29 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.09%. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Tuesday, August 29th. Dover Corporation’s payout ratio is 47.12%.
About Dover Corporation
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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