Twin Capital Management Inc. Lowers Stock Holdings in Dover Corp (NYSE:DOV)

Twin Capital Management Inc. lowered its stake in shares of Dover Corp (NYSE:DOV) by 32.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 75,980 shares of the industrial products company’s stock after selling 36,180 shares during the period. Twin Capital Management Inc.’s holdings in Dover were worth $7,613,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. TRUE Private Wealth Advisors acquired a new stake in shares of Dover during the 2nd quarter valued at approximately $70,000. Amica Retiree Medical Trust acquired a new position in shares of Dover during the 2nd quarter worth approximately $66,000. Chesapeake Wealth Management raised its position in shares of Dover by 92.7% during the 2nd quarter. Chesapeake Wealth Management now owns 8,101 shares of the industrial products company’s stock worth $812,000 after purchasing an additional 3,896 shares during the last quarter. Coastal Investment Advisors Inc. raised its position in shares of Dover by 154.4% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 262 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 159 shares during the last quarter. Finally, Cape Cod Five Cents Savings Bank raised its position in shares of Dover by 9.7% during the 2nd quarter. Cape Cod Five Cents Savings Bank now owns 4,530 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 400 shares during the last quarter. 84.30% of the stock is currently owned by hedge funds and other institutional investors.

DOV has been the subject of several research reports. Morgan Stanley lifted their price objective on Dover from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, April 22nd. Citigroup set a $114.00 price objective on Dover and gave the stock a “buy” rating in a research report on Friday, July 19th. Royal Bank of Canada set a $94.00 price objective on Dover and gave the stock a “hold” rating in a research report on Friday, July 19th. Barclays lifted their price objective on Dover from $111.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, ValuEngine cut shares of Dover from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $98.76.

Shares of NYSE DOV traded up $0.31 during trading on Thursday, hitting $88.60. 245,162 shares of the company traded hands, compared to its average volume of 993,255. Dover Corp has a 1 year low of $65.83 and a 1 year high of $103.47. The stock has a 50-day moving average of $97.29. The company has a market cap of $13.11 billion, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.34 and a beta of 1.48. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.34 and a quick ratio of 0.91.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $1.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.55 by $0.01. Dover had a net margin of 8.50% and a return on equity of 29.22%. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the company earned $1.30 EPS. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, research analysts predict that Dover Corp will post 5.84 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.49 per share. The ex-dividend date is Thursday, August 29th. This is a boost from Dover’s previous quarterly dividend of $0.48. This represents a $1.96 annualized dividend and a dividend yield of 2.21%. Dover’s payout ratio is currently 38.63%.

In other Dover news, insider Jay L. Kloosterboer sold 15,416 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $98.00, for a total value of $1,510,768.00. Following the transaction, the insider now owns 24,425 shares in the company, valued at approximately $2,393,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP William Spurgeon sold 20,049 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $98.42, for a total transaction of $1,973,222.58. Following the completion of the transaction, the vice president now owns 5,296 shares in the company, valued at approximately $521,232.32. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Dover Company Profile

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.

Further Reading: Short Selling

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Institutional Ownership by Quarter for Dover (NYSE:DOV)

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