Griffin Asset Management Inc. Sells 3,809 Shares of Dover Co. (NYSE:DOV)

Griffin Asset Management Inc. decreased its holdings in shares of Dover Co. (NYSE:DOV) by 7.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 48,941 shares of the industrial products company’s stock after selling 3,809 shares during the period. Griffin Asset Management Inc.’s holdings in Dover were worth $8,831,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. LRI Investments LLC acquired a new position in shares of Dover in the 1st quarter valued at $27,000. Northwest Financial Advisors acquired a new position in shares of Dover in the 4th quarter valued at $36,000. Transcendent Capital Group LLC boosted its stake in Dover by 208.0% in the 1st quarter. Transcendent Capital Group LLC now owns 231 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 156 shares during the period. North Star Investment Management Corp. boosted its stake in Dover by 93.0% in the 1st quarter. North Star Investment Management Corp. now owns 249 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 120 shares during the period. Finally, ORG Partners LLC boosted its stake in Dover by 620.5% in the 1st quarter. ORG Partners LLC now owns 281 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 242 shares during the period. Institutional investors own 84.46% of the company’s stock.

Insider Buying and Selling at Dover

In other Dover news, CFO Brad M. Cerepak sold 4,341 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the transaction, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

DOV has been the subject of a number of research analyst reports. Oppenheimer upped their target price on shares of Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Robert W. Baird reissued an “outperform” rating and set a $208.00 price target on shares of Dover in a research report on Monday, July 22nd. Barclays boosted their price target on shares of Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Finally, Wells Fargo & Company boosted their price target on shares of Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $192.63.

Dover Stock Performance

Shares of DOV stock traded down $0.67 on Thursday, reaching $181.57. The stock had a trading volume of 389,238 shares, compared to its average volume of 984,514. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average is $180.23 and its two-hundred day moving average is $176.34. The firm has a market capitalization of $24.95 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 2.13 and a beta of 1.22. Dover Co. has a 12 month low of $127.25 and a 12 month high of $192.31.

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

Dover Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.515 dividend. This is a boost from Dover’s previous quarterly dividend of $0.51. This represents a $2.06 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Friday, August 30th. Dover’s dividend payout ratio is currently 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.