Earnest Partners LLC Trims Stake in Dover Corp (DOV)
Earnest Partners LLC reduced its stake in shares of Dover Corp (NYSE:DOV) by 0.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 234,968 shares of the industrial products company’s stock after selling 1,956 shares during the period. Earnest Partners LLC’s holdings in Dover were worth $23,729,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Cerebellum GP LLC bought a new position in shares of Dover during the 4th quarter valued at approximately $133,000. Tower Research Capital LLC TRC grew its position in shares of Dover by 891.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the industrial products company’s stock valued at $179,000 after acquiring an additional 1,596 shares during the period. NBT Bank N A NY bought a new position in shares of Dover during the 3rd quarter valued at approximately $202,000. Somerville Kurt F bought a new position in shares of Dover during the 4th quarter valued at approximately $202,000. Finally, Associated Banc Corp bought a new position in shares of Dover during the 4th quarter valued at approximately $202,000. 88.32% of the stock is owned by hedge funds and other institutional investors.
Dover Corp (DOV) opened at $100.62 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.40 and a debt-to-equity ratio of 0.68. Dover Corp has a fifty-two week low of $75.97 and a fifty-two week high of $109.06. The company has a market cap of $15,674.08, a price-to-earnings ratio of 25.19, a price-to-earnings-growth ratio of 1.33 and a beta of 1.28.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.87%. The ex-dividend date is Tuesday, February 27th. Dover’s payout ratio is 36.50%.
In other Dover news, insider Stephen Gary Kennon sold 15,702 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $102.01, for a total value of $1,601,761.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Patrick Burns purchased 510 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was purchased at an average cost of $97.51 per share, with a total value of $49,730.10. Following the completion of the acquisition, the senior vice president now owns 1,883 shares in the company, valued at $183,611.33. The disclosure for this purchase can be found here. Over the last three months, insiders sold 19,897 shares of company stock valued at $2,031,745. Insiders own 2.50% of the company’s stock.
A number of research firms have recently weighed in on DOV. BMO Capital Markets increased their target price on shares of Dover from $116.00 to $118.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Morgan Stanley raised their price objective on shares of Dover from $110.00 to $113.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. SunTrust Banks raised their price objective on shares of Dover to $106.00 and gave the stock a “hold” rating in a report on Wednesday, January 31st. ValuEngine downgraded shares of Dover from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Barclays assumed coverage on shares of Dover in a report on Thursday, February 15th. They issued an “overweight” rating and a $120.00 price objective for the company. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $107.83.
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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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