Fiduciary Trust Co. reduced its holdings in shares of Dover Corp (NYSE:DOV) by 5.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,453 shares of the industrial products company’s stock after selling 1,400 shares during the quarter. Fiduciary Trust Co.’s holdings in Dover were worth $1,937,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Optimum Investment Advisors acquired a new position in shares of Dover during the first quarter worth $104,000. Winthrop Partners WNY LLC acquired a new position in shares of Dover during the first quarter worth $126,000. Piedmont Investment Advisors LLC acquired a new position in shares of Dover during the second quarter worth $133,000. Smithfield Trust Co. lifted its position in shares of Dover by 916.7% during the first quarter. Smithfield Trust Co. now owns 1,830 shares of the industrial products company’s stock worth $180,000 after purchasing an additional 1,650 shares in the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Dover during the first quarter worth $206,000. Institutional investors own 89.54% of the company’s stock.
A number of research firms have recently commented on DOV. Stifel Nicolaus reduced their target price on shares of Dover from $104.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, May 10th. Citigroup reduced their target price on shares of Dover from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Monday, April 30th. BMO Capital Markets reduced their target price on shares of Dover to $98.00 and set a “positive” rating on the stock in a research report on Monday, June 18th. Deutsche Bank set a $79.00 target price on shares of Dover and gave the stock a “hold” rating in a research report on Thursday, July 12th. Finally, William Blair reissued a “market perform” rating on shares of Dover in a research report on Tuesday, July 3rd. Thirteen investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $92.62.
Dover (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 19th. The industrial products company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.09. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Dover had a net margin of 9.64% and a return on equity of 18.66%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.04 earnings per share. equities research analysts anticipate that Dover Corp will post 4.83 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This is a boost from Dover’s previous quarterly dividend of $0.47. This represents a $1.92 annualized dividend and a yield of 2.33%. Dover’s dividend payout ratio is currently 46.65%.
In related news, SVP Jay L. Kloosterboer sold 14,745 shares of the company’s stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $78.67, for a total value of $1,159,989.15. Following the sale, the senior vice president now directly owns 23,096 shares of the company’s stock, valued at $1,816,962.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary A. Winston sold 2,500 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $78.86, for a total transaction of $197,150.00. Following the completion of the sale, the director now directly owns 15,055 shares in the company, valued at $1,187,237.30. The disclosure for this sale can be found here. Insiders sold 87,245 shares of company stock worth $7,011,239 over the last ninety days. 2.50% of the stock is currently owned by corporate insiders.
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for the production and processing of fuels for drilling and production, bearings and compression, and automation end markets.
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