Inverness Counsel LLC NY Raises Stake in Dover Corp. (DOV)
Inverness Counsel LLC NY increased its position in Dover Corp. (NYSE:DOV) by 13.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,143,857 shares of the company’s stock after buying an additional 138,938 shares during the period. Dover Corp. makes up approximately 6.6% of Inverness Counsel LLC NY’s investment portfolio, making the stock its 3rd largest position. Inverness Counsel LLC NY’s holdings in Dover Corp. were worth $84,234,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock worth $1,008,965,000 after buying an additional 393,727 shares during the period. Pzena Investment Management LLC boosted its stake in Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock worth $429,382,000 after buying an additional 59,245 shares during the period. JPMorgan Chase & Co. boosted its stake in Dover Corp. by 22.0% in the third quarter. JPMorgan Chase & Co. now owns 3,649,354 shares of the company’s stock worth $268,738,000 after buying an additional 656,989 shares during the period. Bank of New York Mellon Corp boosted its stake in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock worth $226,877,000 after buying an additional 580,562 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Dover Corp. by 10.8% in the third quarter. Wells Fargo & Company MN now owns 2,468,618 shares of the company’s stock worth $181,789,000 after buying an additional 240,772 shares during the period. Institutional investors own 84.08% of the company’s stock.
Shares of Dover Corp. (NYSE:DOV) opened at 72.61 on Thursday. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 23.26 and a beta of 1.18. The stock’s 50 day moving average price is $68.80 and its 200-day moving average price is $70.09.
Dover Corp. (NYSE:DOV) last released its quarterly earnings data on Wednesday, October 19th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. Dover Corp. had a return on equity of 12.93% and a net margin of 7.29%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company posted $1.14 EPS. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. Equities analysts predict that Dover Corp. will post $3.02 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.42%. Dover Corp.’s payout ratio is 56.05%.
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DOV has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Dover Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research note on Wednesday, October 5th. Bank of America Corp. reiterated a “buy” rating and set a $85.00 price objective on shares of Dover Corp. in a research report on Thursday, October 6th. Stifel Nicolaus increased their price objective on Dover Corp. from $65.00 to $72.00 and gave the stock a “hold” rating in a research report on Thursday, October 20th. Barclays PLC set a $68.00 price objective on Dover Corp. and gave the stock a “hold” rating in a research report on Tuesday, October 11th. Finally, Citigroup Inc. lowered their price objective on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 11th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. Dover Corp. currently has an average rating of “Hold” and a consensus price target of $72.18.
In other Dover Corp. news, VP Sandra A. Arkell sold 565 shares of the company’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $68.73, for a total value of $38,832.45. Following the transaction, the vice president now directly owns 2,216 shares in the company, valued at approximately $152,305.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jay L. Kloosterboer sold 11,501 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $70.25, for a total value of $807,945.25. Following the completion of the transaction, the insider now owns 64,615 shares in the company, valued at $4,539,203.75. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
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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