Pinnacle Associates Ltd. raised its stake in Dover Co. (NYSE:DOV – Get Rating) by 11.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 5,985 shares of the industrial products company’s stock after buying an additional 635 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Dover were worth $1,087,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Macquarie Group Ltd. lifted its stake in Dover by 202.0% in the third quarter. Macquarie Group Ltd. now owns 3,435,433 shares of the industrial products company’s stock valued at $534,210,000 after buying an additional 2,297,892 shares during the last quarter. Geode Capital Management LLC increased its stake in Dover by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,534,709 shares of the industrial products company’s stock worth $393,093,000 after purchasing an additional 54,953 shares in the last quarter. Alliancebernstein L.P. boosted its position in Dover by 3.7% during the 3rd quarter. Alliancebernstein L.P. now owns 2,275,416 shares of the industrial products company’s stock worth $353,827,000 after acquiring an additional 81,356 shares during the period. Invesco Ltd. lifted its holdings in shares of Dover by 48.4% during the 3rd quarter. Invesco Ltd. now owns 1,117,928 shares of the industrial products company’s stock valued at $173,837,000 after buying an additional 364,388 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in shares of Dover by 2.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,084,393 shares of the industrial products company’s stock valued at $168,623,000 after buying an additional 30,567 shares during the last quarter. Institutional investors own 82.30% of the company’s stock.
Several brokerages have commented on DOV. Wells Fargo & Company raised Dover from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $165.00 to $184.00 in a research report on Monday, December 20th. Morgan Stanley decreased their price target on Dover from $196.00 to $177.00 and set an “equal weight” rating on the stock in a research note on Thursday. Robert W. Baird boosted their price objective on Dover from $185.00 to $206.00 in a research note on Tuesday, January 4th. Oppenheimer raised Dover from a “market perform” rating to an “outperform” rating and set a $205.00 price target on the stock in a research note on Friday, January 7th. Finally, Barclays downgraded Dover from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $190.00 to $160.00 in a report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $181.46.
Dover (NYSE:DOV – Get Rating) last posted its quarterly earnings data on Thursday, January 27th. The industrial products company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.66 by $0.12. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.92 billion. Dover had a return on equity of 28.99% and a net margin of 14.21%. Dover’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.55 earnings per share. On average, equities analysts forecast that Dover Co. will post 8.57 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Monday, February 28th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, February 25th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.33%. Dover’s dividend payout ratio is currently 25.87%.
In other news, VP Anthony K. Kosinski sold 3,287 shares of the business’s stock in a transaction on Monday, March 14th. The stock was sold at an average price of $153.43, for a total value of $504,324.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard J. Tobin sold 31,515 shares of the business’s stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $156.91, for a total value of $4,945,018.65. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
About Dover (Get Rating)
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides various equipment, component, software, solution, and services that are used in aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.
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