Bank of America Corp DE Cuts Stock Holdings in Dover Co. (NYSE:DOV)

Bank of America Corp DE reduced its holdings in Dover Co. (NYSE:DOVGet Rating) by 4.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,870,395 shares of the industrial products company’s stock after selling 208,409 shares during the period. Bank of America Corp DE owned approximately 3.38% of Dover worth $764,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Dover by 46.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,329 shares of the industrial products company’s stock worth $2,561,000 after buying an additional 5,193 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Dover by 5.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 58,954 shares of the industrial products company’s stock worth $9,250,000 after buying an additional 3,291 shares in the last quarter. Wealthfront Advisers LLC grew its stake in shares of Dover by 13.8% in the 1st quarter. Wealthfront Advisers LLC now owns 21,584 shares of the industrial products company’s stock worth $3,387,000 after buying an additional 2,620 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Dover in the 1st quarter worth about $257,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Dover by 61.5% in the 1st quarter. Advisors Asset Management Inc. now owns 2,962 shares of the industrial products company’s stock worth $465,000 after acquiring an additional 1,128 shares during the last quarter. 83.96% of the stock is owned by hedge funds and other institutional investors.

Dover Trading Down 1.3 %

NYSE DOV opened at $120.91 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.87 and a current ratio of 1.41. The company has a market capitalization of $17.36 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 1.07 and a beta of 1.39. The company’s 50-day simple moving average is $129.72 and its two-hundred day simple moving average is $135.97. Dover Co. has a one year low of $116.66 and a one year high of $184.04.

Dover (NYSE:DOVGet Rating) last issued its quarterly earnings data on Thursday, July 21st. The industrial products company reported $2.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.07. Dover had a net margin of 13.90% and a return on equity of 26.94%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the previous year, the firm earned $2.06 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities analysts forecast that Dover Co. will post 8.5 EPS for the current fiscal year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.505 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.67%. This is an increase from Dover’s previous quarterly dividend of $0.50. Dover’s payout ratio is presently 25.70%.

Wall Street Analyst Weigh In

DOV has been the subject of several analyst reports. Morgan Stanley lowered their target price on shares of Dover from $161.00 to $149.00 and set an “equal weight” rating for the company in a report on Tuesday, May 31st. Mizuho lowered their target price on shares of Dover from $175.00 to $155.00 and set a “buy” rating for the company in a report on Monday, July 18th. The Goldman Sachs Group lowered their target price on shares of Dover from $176.00 to $146.00 and set a “buy” rating for the company in a report on Thursday, June 23rd. Wells Fargo & Company raised their target price on shares of Dover to $135.00 in a report on Friday, July 22nd. Finally, StockNews.com upgraded shares of Dover from a “hold” rating to a “buy” rating in a report on Thursday, July 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $161.17.

About Dover

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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.

Further Reading

Institutional Ownership by Quarter for Dover (NYSE:DOV)

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