Inverness Counsel LLC NY raised its position in shares of Dover Corp (NYSE:DOV) by 108.5% during the first quarter, Holdings Channel reports. The firm owned 1,829,420 shares of the company’s stock after buying an additional 952,023 shares during the period. Dover Corp accounts for approximately 10.1% of Inverness Counsel LLC NY’s investment portfolio, making the stock its 2nd largest position. Inverness Counsel LLC NY owned 1.18% of Dover Corp worth $145,128,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. FNY Partners Fund LP acquired a new stake in Dover Corp during the fourth quarter worth $112,000. Johnson Financial Group Inc. boosted its position in Dover Corp by 2.6% in the fourth quarter. Johnson Financial Group Inc. now owns 1,556 shares of the company’s stock valued at $117,000 after buying an additional 40 shares during the last quarter. Fred Alger Management Inc. purchased a new position in Dover Corp during the fourth quarter valued at $172,000. Blenheim Capital Management BV purchased a new position in Dover Corp during the fourth quarter valued at $189,000. Finally, Leavell Investment Management Inc. purchased a new position in Dover Corp during the third quarter valued at $200,000. Institutional investors and hedge funds own 84.57% of the company’s stock.
Dover Corp (NYSE:DOV) traded down 0.95% during trading on Thursday, reaching $78.58. The company’s stock had a trading volume of 485,792 shares. The stock has a 50-day moving average price of $79.51 and a 200 day moving average price of $75.36. The company has a market cap of $12.22 billion, a PE ratio of 24.18 and a beta of 1.18. Dover Corp has a 52-week low of $62.89 and a 52-week high of $82.56.
Dover Corp (NYSE:DOV) last issued its earnings results on Thursday, January 26th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by $0.24. The firm earned $1.80 billion during the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp had a net margin of 7.49% and a return on equity of 12.35%. The business’s quarterly revenue was down 89.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 earnings per share. On average, analysts expect that Dover Corp will post $3.58 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th were paid a $0.44 dividend. The ex-dividend date of this dividend was Friday, February 24th. This represents a $1.76 annualized dividend and a dividend yield of 2.22%. Dover Corp’s payout ratio is presently 53.99%.
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DOV has been the topic of several recent research reports. Vertical Research upgraded Dover Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, January 3rd. Langenberg & Company upgraded Dover Corp from a “sell” rating to a “hold” rating in a research report on Monday, January 30th. Royal Bank of Canada set a $73.00 target price on Dover Corp and gave the stock a “hold” rating in a report on Thursday, January 26th. Stifel Nicolaus increased their target price on Dover Corp from $76.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, January 27th. Finally, BMO Capital Markets initiated coverage on Dover Corp in a report on Wednesday, February 22nd. They set a “market perform” rating and a $82.00 target price on the stock. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $82.42.
In other Dover Corp news, Director Michael B. Stubbs sold 20,000 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $80.30, for a total value of $1,606,000.00. Following the sale, the director now directly owns 277,194 shares in the company, valued at $22,258,678.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Sandra A. Arkell sold 1,850 shares of the business’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $79.94, for a total value of $147,889.00. Following the completion of the sale, the vice president now owns 10,742 shares in the company, valued at $858,715.48. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
About Dover Corp
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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