Dover Corporation $DOV Stock: Fisher Asset Management LLC Lowers Position

Fisher Asset Management LLC reduced its stake in Dover Corporation (NYSE:DOV) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,529,677 shares of the industrial products company’s stock after selling 56,080 shares during the quarter. Fisher Asset Management LLC owned 1.15% of Dover worth $286,126,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DOV. BlackRock Inc. purchased a new position in Dover in the 2nd quarter valued at $2,347,134,000. Bank of New York Mellon Corp increased its stake in Dover by 5.2% in the 1st quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company’s stock valued at $631,806,000 after buying an additional 150,319 shares during the period. Bank of America Corp DE purchased a new position in Dover during the 2nd quarter worth $625,375,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Dover by 2.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company’s stock worth $217,433,000 after buying an additional 20,590 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Dover during the 2nd quarter worth $211,269,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Insider Activity at Dover

In related news, CEO Richard Tobin sold 86,440 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $214.86, for a total transaction of $18,572,498.40. Following the sale, the chief executive officer owned 212,855 shares of the company’s stock, valued at approximately $45,734,025.30. The trade was a 28.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by company insiders.

Dover Trading Down 1.4%

NYSE:DOV opened at $209.41 on Friday. The stock has a fifty day moving average price of $196.14 and a two-hundred day moving average price of $209.78. The stock has a market capitalization of $27.85 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 1.83 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.95. Dover Corporation has a 1 year low of $177.87 and a 1 year high of $237.54.

Dover (NYSE:DOV) last released its earnings results on Thursday, October 22nd. The industrial products company reported $2.88 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.03. Dover had a return on equity of 18.68% and a net margin of 13.60%. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the company earned $2.62 earnings per share. Dover’s quarterly revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Dover Corporation will post 10.73 earnings per share for the current fiscal year.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be paid a $0.5250 dividend. The ex-dividend date is Monday, November 30th. This represents a $2.10 annualized dividend and a dividend yield of 1.0%. Dover’s dividend payout ratio (DPR) is 24.48%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DOV. Royal Bank Of Canada raised their target price on shares of Dover from $216.00 to $219.00 and gave the stock a “sector perform” rating in a research note on Friday, October 23rd. Wells Fargo & Company boosted their price target on shares of Dover from $229.00 to $233.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Mizuho cut their price target on shares of Dover from $270.00 to $245.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Weiss Ratings downgraded shares of Dover from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. Finally, BMO Capital Markets raised Dover from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $255.00 to $240.00 in a report on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Dover currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.60.

About Dover

Dover Corporation is a diversified manufacturer of equipment and components for industrial and commercial markets. Founded in 1955, the company has grown through a combination of product development and acquisitions and serves customers around the world. Dover’s businesses operate across areas including engineered products, clean energy and fueling, imaging and identification, pumps and process solutions, and climate and sustainability technologies. Its products include fueling and vehicle-service equipment, pumps and fluid-handling systems, packaging and marking equipment, and components used in industrial and commercial applications.