Highland Capital Management LLC Makes New $543,000 Investment in Dover Co. (NYSE:DOV)

Highland Capital Management LLC acquired a new position in Dover Co. (NYSE:DOV) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,008 shares of the industrial products company’s stock, valued at approximately $543,000.

Several other institutional investors and hedge funds have also bought and sold shares of DOV. LRI Investments LLC purchased a new position in shares of Dover during the first quarter valued at 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 lifted its holdings 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 purchasing an additional 156 shares during the last quarter. North Star Investment Management Corp. lifted its holdings in shares of Dover by 93.0% during the first quarter. North Star Investment Management Corp. now owns 249 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 120 shares during the last quarter. Finally, ORG Partners LLC lifted its holdings in shares of Dover by 620.5% during the first quarter. ORG Partners LLC now owns 281 shares of the industrial products company’s stock valued at $49,000 after purchasing an additional 242 shares during the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related 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 value of $801,305.19. Following the completion of the transaction, the chief financial officer now owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Richard J. Tobin sold 25,004 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Mizuho lifted their target price on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Royal Bank of Canada boosted their price objective 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. Finally, Robert W. Baird restated an “outperform” rating and issued a $208.00 price objective on shares of Dover in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.63.

Dover Stock Performance

DOV traded up $3.10 during mid-day trading on Friday, reaching $184.64. 414,591 shares of the company traded hands, compared to its average volume of 981,016. The stock has a market capitalization of $25.38 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.13 and a beta of 1.22. 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 company’s fifty day moving average price is $180.38 and its 200-day moving average price is $176.66. Dover Co. has a 52-week low of $127.25 and a 52-week high of $192.31.

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

Dover Increases Dividend

The firm also recently disclosed 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 an increase from Dover’s previous quarterly dividend of $0.51. 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%. Dover’s payout ratio is presently 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.