Dover Co. (NYSE:DOV) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its holdings in Dover Co. (NYSE:DOV) by 35.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,700 shares of the industrial products company’s stock after selling 60,512 shares during the quarter. Wedge Capital Management L L P NC owned about 0.08% of Dover worth $19,615,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DOV. Price T Rowe Associates Inc. MD grew its stake in shares of Dover by 153.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock worth $466,622,000 after acquiring an additional 1,595,611 shares during the last quarter. Norges Bank acquired a new position in Dover during the 4th quarter valued at approximately $175,275,000. Franklin Resources Inc. raised its holdings in shares of Dover by 15.4% in the fourth quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock worth $567,426,000 after buying an additional 492,577 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Dover by 50.7% during the fourth quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock worth $189,433,000 after buying an additional 414,481 shares during the period. Finally, Interval Partners LP purchased a new stake in shares of Dover during the first quarter valued at $49,195,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Dover

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Barclays lifted their target price on Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Royal Bank of Canada increased their price target on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Mizuho lifted their price objective on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company increased their price objective 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. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Dover currently has an average rating of “Moderate Buy” and an average target price of $192.63.

Dover Stock Performance

NYSE DOV traded up $2.09 during mid-day trading on Thursday, reaching $178.91. 534,297 shares of the stock were exchanged, compared to its average volume of 996,942. Dover Co. has a 1 year low of $127.25 and a 1 year high of $192.31. 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 50 day moving average is $180.03 and its 200-day moving average is $175.42. The company has a market capitalization of $24.59 billion, a P/E ratio of 17.19, a P/E/G ratio of 2.13 and a beta of 1.22.

Dover (NYSE:DOV) last posted its earnings results on Thursday, July 25th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. Dover had a net margin of 17.58% and a return on equity of 24.94%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.05 EPS. On average, equities research analysts forecast that Dover Co. will post 9.15 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $0.515 per share. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.15%. Dover’s dividend payout ratio (DPR) is 19.79%.

Dover Profile

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.