Main Street Financial Solutions LLC Reduces Stake in Dover Co. (NYSE:DOV)

Main Street Financial Solutions LLC lowered its holdings in Dover Co. (NYSE:DOV) by 19.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,195 shares of the industrial products company’s stock after selling 518 shares during the period. Main Street Financial Solutions LLC’s holdings in Dover were worth $396,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DOV. Principal Securities Inc. purchased a new stake in shares of Dover in the 4th quarter valued at about $182,000. Avantax Advisory Services Inc. purchased a new stake in shares of Dover in the 4th quarter valued at about $247,000. Brown Advisory Inc. raised its holdings in shares of Dover by 8.0% in the 4th quarter. Brown Advisory Inc. now owns 269,068 shares of the industrial products company’s stock valued at $41,385,000 after acquiring an additional 19,977 shares in the last quarter. Mizuho Markets Americas LLC raised its holdings in shares of Dover by 63.8% in the 4th quarter. Mizuho Markets Americas LLC now owns 34,180 shares of the industrial products company’s stock valued at $5,257,000 after acquiring an additional 13,310 shares in the last quarter. Finally, Manchester Capital Management LLC raised its holdings in shares of Dover by 4.1% in the 4th quarter. Manchester Capital Management LLC now owns 1,752 shares of the industrial products company’s stock valued at $269,000 after acquiring an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on DOV shares. Robert W. Baird reaffirmed an “outperform” rating and issued a $208.00 price target on shares of Dover in a report on Monday, July 22nd. Mizuho raised their price objective on Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada raised their price objective on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.63.

Dover Price Performance

DOV opened at $185.06 on Friday. The stock’s 50 day simple moving average is $180.93 and its 200 day simple moving average is $178.65. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. Dover Co. has a 1 year low of $127.25 and a 1 year high of $192.31. The firm has a market cap of $25.44 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 2.17 and a beta of 1.22.

Dover (NYSE:DOV) last posted its quarterly 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. Dover had a return on equity of 24.94% and a net margin of 17.58%. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same period last year, the company earned $2.05 EPS. Dover’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, analysts predict that Dover Co. will post 9.17 earnings per share for the current year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a dividend of $0.515 per share. This represents a $2.06 annualized dividend and a yield of 1.11%. 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. Dover’s dividend payout ratio (DPR) is presently 19.79%.

Insider Transactions at Dover

In other news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total value of $225,700.00. Following the sale, the senior vice president now directly owns 47,060 shares in the company, valued at approximately $8,706,100. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 approximately $33,285,578.88. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the sale, the senior vice president now owns 47,060 shares in the company, valued at $8,706,100. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,383 shares of company stock worth $8,169,883. 1.30% of the stock is currently owned by insiders.

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.