Pinnacle Associates Ltd. trimmed its holdings in Dover Corp (NYSE:DOV) by 2.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,325 shares of the industrial products company’s stock after selling 300 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Dover were worth $1,135,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in DOV. GWM Advisors LLC increased its stake in Dover by 3.6% in the 2nd quarter. GWM Advisors LLC now owns 5,422 shares of the industrial products company’s stock valued at $543,000 after buying an additional 189 shares during the period. Cornerstone Wealth Management LLC increased its stake in Dover by 8.4% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 10,014 shares of the industrial products company’s stock valued at $1,003,000 after buying an additional 778 shares during the period. F3Logic LLC increased its stake in Dover by 14.8% in the 2nd quarter. F3Logic LLC now owns 23,669 shares of the industrial products company’s stock valued at $2,402,000 after buying an additional 3,048 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Dover in the 2nd quarter valued at $504,000. Finally, Envestnet Asset Management Inc. increased its stake in Dover by 16.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 112,749 shares of the industrial products company’s stock valued at $11,297,000 after buying an additional 15,707 shares during the period. 85.74% of the stock is currently owned by institutional investors and hedge funds.
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 transaction of $1,510,768.00. Following the sale, the insider now directly owns 24,425 shares in the company, valued at approximately $2,393,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William Spurgeon sold 20,049 shares of the business’s stock in a transaction dated 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 sale, the vice president now owns 5,296 shares in the company, valued at $521,232.32. The disclosure for this sale can be found here. Insiders have sold a total of 45,383 shares of company stock worth $4,385,834 over the last 90 days. Insiders own 1.70% of the company’s stock.
Dover (NYSE:DOV) last issued its earnings results on Thursday, July 18th. The industrial products company reported $1.56 EPS for the quarter, topping the consensus estimate of $1.55 by $0.01. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. Dover had a net margin of 8.50% and a return on equity of 29.22%. The business’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.30 EPS. On average, sell-side analysts forecast that Dover Corp will post 5.84 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.49 per share. This is a positive change from Dover’s previous quarterly dividend of $0.48. This represents a $1.96 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, August 29th. Dover’s payout ratio is presently 38.63%.
Several equities analysts have issued reports on DOV shares. ValuEngine cut shares of Dover from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada set a $94.00 price objective on shares of Dover and gave the company a “hold” rating in a research note on Friday, July 19th. Citigroup set a $114.00 price objective on shares of Dover and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Barclays boosted their target price on shares of Dover from $111.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $98.76.
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.
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