Dover Co. (NYSE:DOV) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its position in Dover Co. (NYSE:DOV) by 5.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,462 shares of the industrial products company’s stock after selling 9,479 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of Dover worth $32,384,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of DOV. Price T Rowe Associates Inc. MD lifted its holdings in Dover by 153.7% during the 1st 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 buying an additional 1,595,611 shares during the last quarter. Norges Bank purchased a new stake in Dover during the fourth quarter worth approximately $175,275,000. Franklin Resources Inc. boosted its holdings in Dover by 15.4% in the fourth quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock valued at $567,426,000 after purchasing an additional 492,577 shares in the last quarter. Wellington Management Group LLP raised its holdings in 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 purchasing an additional 414,481 shares in the last quarter. Finally, Interval Partners LP purchased a new stake in shares of Dover during the 1st quarter worth approximately $49,195,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Stock Performance

Shares of NYSE:DOV traded up $3.10 during trading on Friday, reaching $184.64. The company had a trading volume of 414,591 shares, compared to its average volume of 981,016. Dover Co. has a fifty-two week low of $127.25 and a fifty-two week high of $192.31. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. The stock’s fifty day moving average price is $180.38 and its 200 day moving average price is $176.55. The firm has a market capitalization of $25.38 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 2.13 and a beta of 1.22.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 EPS. As a group, equities research analysts predict that Dover Co. will post 9.15 EPS for the current year.

Dover Increases Dividend

The company 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 dividend on an annualized basis and a dividend yield of 1.12%. This is a boost from Dover’s previous quarterly dividend of $0.51. Dover’s dividend payout ratio (DPR) is currently 19.79%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Robert W. Baird reissued an “outperform” rating and issued a $208.00 target price on shares of Dover in a report on Monday, July 22nd. Barclays raised their price target on Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Mizuho lifted their price target on Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Oppenheimer increased their price objective on Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $192.63.

Insider Transactions at Dover

In other news, CEO Richard J. Tobin sold 25,004 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total value of $4,549,727.84. Following the sale, the chief executive officer now directly owns 182,928 shares in the company, valued at $33,285,578.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brad M. Cerepak sold 4,341 shares of Dover stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total transaction of $801,305.19. Following the completion of the sale, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,274,887.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the completion of the transaction, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Dover Company 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.