Gateway Investment Advisers LLC Sells 1,926 Shares of Dover Co. (NYSE:DOV)

Gateway Investment Advisers LLC reduced its position in Dover Co. (NYSE:DOV) by 54.8% during the second quarter, Holdings Channel.com reports. The firm owned 1,591 shares of the industrial products company’s stock after selling 1,926 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Dover were worth $287,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of DOV. LRI Investments LLC bought a new stake in Dover during the 1st quarter worth approximately $27,000. Northwest Financial Advisors purchased a new position in shares of Dover during the fourth quarter valued at approximately $36,000. Transcendent Capital Group LLC boosted its position in shares of Dover by 208.0% during the first quarter. Transcendent Capital Group LLC now owns 231 shares of the industrial products company’s stock valued at $41,000 after buying an additional 156 shares during the last quarter. North Star Investment Management Corp. grew its holdings in Dover by 93.0% during the first quarter. North Star Investment Management Corp. now owns 249 shares of the industrial products company’s stock worth $44,000 after buying an additional 120 shares in the last quarter. Finally, Tobam raised its position in Dover by 2,164.3% in the 4th quarter. Tobam now owns 317 shares of the industrial products company’s stock valued at $49,000 after buying an additional 303 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Oppenheimer increased their price objective on shares of Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Royal Bank of Canada lifted their target price on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. StockNews.com raised Dover from a “hold” rating to a “buy” rating in a research report on Friday, April 26th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $208.00 price objective on shares of Dover in a research report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Dover currently has a consensus rating of “Moderate Buy” and an average target price of $192.63.

Insider Activity at Dover

In other news, CFO Brad M. Cerepak sold 4,341 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total value of $801,305.19. Following the completion of the transaction, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at $2,274,887.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Dover Stock Performance

NYSE DOV traded down $0.33 on Friday, hitting $176.23. 635,695 shares of the stock traded hands, compared to its average volume of 1,009,418. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 1.53. The business’s fifty day moving average is $180.29 and its two-hundred day moving average is $174.84. Dover Co. has a 12 month low of $127.25 and a 12 month high of $192.31. The firm has a market capitalization of $24.22 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 2.13 and a beta of 1.22.

Dover (NYSE:DOV) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.15. Dover had a return on equity of 24.94% and a net margin of 17.58%. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the prior year, the firm earned $2.05 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities analysts anticipate that Dover Co. will post 9.15 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a $0.515 dividend. The ex-dividend date is Friday, August 30th. This represents a $2.06 annualized dividend and a dividend yield of 1.17%. This is a positive change from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is 19.79%.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.