BlackRock Advisors LLC Raises Position in Dover Corp. (DOV)
BlackRock Advisors LLC boosted its stake in shares of Dover Corp. (NYSE:DOV) by 4.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 220,354 shares of the company’s stock after buying an additional 8,722 shares during the period. BlackRock Advisors LLC owned about 0.14% of Dover Corp. worth $15,275,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the stock. Shinko Asset Management Co. Ltd. increased its stake in Dover Corp. by 0.6% in the second quarter. Shinko Asset Management Co. Ltd. now owns 4,247 shares of the company’s stock valued at $294,000 after buying an additional 25 shares in the last quarter. Ngam Advisors L.P. increased its stake in Dover Corp. by 0.5% in the second quarter. Ngam Advisors L.P. now owns 12,291 shares of the company’s stock valued at $852,000 after buying an additional 59 shares in the last quarter. Phocas Financial Corp. increased its stake in Dover Corp. by 0.6% in the first quarter. Phocas Financial Corp. now owns 13,496 shares of the company’s stock valued at $868,000 after buying an additional 85 shares in the last quarter. Peachtree Investment Advisors Inc. increased its stake in Dover Corp. by 0.5% in the second quarter. Peachtree Investment Advisors Inc. now owns 20,180 shares of the company’s stock valued at $1,399,000 after buying an additional 95 shares in the last quarter. Finally, Citizens Financial Group Inc RI increased its stake in Dover Corp. by 1.8% in the first quarter. Citizens Financial Group Inc RI now owns 5,789 shares of the company’s stock valued at $372,000 after buying an additional 100 shares in the last quarter. 85.59% of the stock is owned by institutional investors and hedge funds.
Dover Corp. (NYSE:DOV) opened at 73.64 on Monday. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 21.18 and a beta of 1.25. The firm’s 50 day moving average price is $71.76 and its 200-day moving average price is $68.80.
Dover Corp. (NYSE:DOV) last posted its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.09. The business earned $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business’s revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.98 EPS. Analysts expect that Dover Corp. will post $3.34 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.44 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.76 dividend on an annualized basis and a yield of 2.39%. This is a boost from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s payout ratio is presently 50.29%.
DOV has been the subject of several analyst reports. Robert W. Baird raised Dover Corp. from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $66.00 to $86.00 in a research note on Wednesday, June 8th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Dover Corp. in a research note on Wednesday, June 8th. Citigroup Inc. boosted their target price on Dover Corp. from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 8th. Sanford C. Bernstein upgraded Dover Corp. from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $75.00 to $87.00 in a research report on Friday, June 10th. Finally, Zacks Investment Research cut Dover Corp. from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. Dover Corp. currently has an average rating of “Hold” and an average target price of $71.00.
In related news, VP William Spurgeon sold 17,170 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $71.65, for a total value of $1,230,230.50. Following the sale, the vice president now owns 59,163 shares of the company’s stock, valued at $4,239,028.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP C. Anderson Fincher sold 1,420 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total transaction of $104,256.40. Following the completion of the sale, the vice president now directly owns 40,326 shares in the company, valued at approximately $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
Dover Corp. Company Profile
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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