Metropolitan Life Insurance Co NY boosted its holdings in Dover Corp (NYSE:DOV) by 14.7% in the third quarter, HoldingsChannel.com reports. The firm owned 25,162 shares of the industrial products company’s stock after acquiring an additional 3,228 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Dover were worth $2,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in DOV. Horan Capital Advisors LLC. bought a new position in shares of Dover in the 3rd quarter worth about $25,000. Coastal Investment Advisors Inc. boosted its holdings in shares of Dover by 154.4% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 262 shares of the industrial products company’s stock valued at $26,000 after buying an additional 159 shares during the period. Shamrock Asset Management LLC acquired a new position in shares of Dover in the 2nd quarter valued at about $26,000. Krane Funds Advisors LLC bought a new stake in shares of Dover during the 2nd quarter valued at about $26,000. Finally, Sandy Spring Bank bought a new stake in shares of Dover during the 3rd quarter valued at about $26,000. 87.48% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on DOV shares. JPMorgan Chase & Co. raised their target price on shares of Dover from $82.00 to $93.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Royal Bank of Canada set a $96.00 target price on Dover and gave the company a “hold” rating in a research note on Friday, October 18th. Zacks Investment Research raised Dover from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a report on Tuesday, October 22nd. Morgan Stanley increased their price target on Dover from $103.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Citigroup raised their price target on Dover from $113.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $101.84.
Dover (NYSE:DOV) last posted its earnings results on Thursday, October 17th. The industrial products company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.51 by $0.09. Dover had a net margin of 9.08% and a return on equity of 29.62%. The firm had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter in the prior year, the firm earned $1.36 EPS. Dover’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities analysts anticipate that Dover Corp will post 5.85 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.49 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.96 annualized dividend and a dividend yield of 1.78%. Dover’s dividend payout ratio is presently 39.44%.
In other news, Director Kristiane C. Graham sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $109.57, for a total transaction of $109,570.00. Following the transaction, the director now directly owns 356,704 shares of the company’s stock, valued at $39,084,057.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Ivonne M. Cabrera sold 4,055 shares of Dover stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $112.48, for a total transaction of $456,106.40. Over the last quarter, insiders have sold 25,210 shares of company stock valued at $2,712,287. Insiders own 1.70% of the company’s stock.
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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