CIBC World Markets Inc. Acquires 12,788 Shares of Dover Corporation (DOV)
CIBC World Markets Inc. boosted its holdings in shares of Dover Corporation (NYSE:DOV) by 245.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,988 shares of the industrial products company’s stock after purchasing an additional 12,788 shares during the quarter. CIBC World Markets Inc.’s holdings in Dover Corporation were worth $1,443,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in Dover Corporation by 15.1% during the second quarter. IFP Advisors Inc now owns 1,728 shares of the industrial products company’s stock valued at $139,000 after purchasing an additional 227 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Dover Corporation by 5,446.9% during the first quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the industrial products company’s stock valued at $143,000 after purchasing an additional 1,743 shares in the last quarter. Penserra Capital Management LLC raised its stake in Dover Corporation by 9.5% during the first quarter. Penserra Capital Management LLC now owns 1,978 shares of the industrial products company’s stock valued at $158,000 after purchasing an additional 172 shares in the last quarter. First Mercantile Trust Co. raised its stake in Dover Corporation by 10.1% during the second quarter. First Mercantile Trust Co. now owns 2,327 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 213 shares in the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA purchased a new stake in Dover Corporation during the first quarter valued at $200,000. 86.06% of the stock is currently owned by institutional investors.
DOV has been the topic of a number of recent research reports. Robert W. Baird reaffirmed a “buy” rating and set a $95.00 price target on shares of Dover Corporation in a research note on Tuesday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $90.00 price target (up previously from $89.00) on shares of Dover Corporation in a research note on Thursday, July 6th. Stifel Nicolaus upped their price target on shares of Dover Corporation from $88.00 to $91.00 and gave the company a “hold” rating in a research note on Friday, July 21st. BMO Capital Markets raised shares of Dover Corporation from a “market perform” rating to an “outperform” rating and decreased their price target for the company from $89.00 to $82.00 in a research note on Thursday, June 8th. Finally, Zacks Investment Research raised 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 analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $89.42.
In other news, Director Michael B. Stubbs sold 25,000 shares of Dover Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the transaction, the director now owns 275,344 shares in the company, valued at approximately $23,965,941.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.50% of the stock is owned by insiders.
Dover Corporation (DOV) opened at 88.58 on Thursday. The company has a market cap of $13.79 billion, a PE ratio of 22.15 and a beta of 1.26. Dover Corporation has a 52-week low of $65.50 and a 52-week high of $89.46. The firm’s 50-day moving average is $85.21 and its 200-day moving average is $81.85.
Dover Corporation (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 20th. The industrial products company reported $1.04 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 business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the previous year, the firm earned $0.76 EPS. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. On average, equities research analysts anticipate that Dover Corporation will post $4.31 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Tuesday, August 29th. This is a positive change from Dover Corporation’s previous quarterly dividend of $0.44. Dover Corporation’s payout ratio is currently 47.12%.
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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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