Dover Corporation $DOV Stock: Convergence Financial LLC Lowers Stake

Convergence Financial LLC lowered its holdings in shares of Dover Corporation (NYSE:DOV) by 50.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,106 shares of the industrial products company’s stock after selling 4,106 shares during the quarter. Convergence Financial LLC’s holdings in Dover were worth $768,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Dover in the 2nd quarter valued at approximately $2,347,134,000. Bank of New York Mellon Corp increased its stake in Dover by 5.2% during the 1st quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company’s stock worth $631,806,000 after purchasing an additional 150,319 shares in the last quarter. Bank of America Corp DE acquired a new stake in Dover during the 2nd quarter worth approximately $625,375,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Dover by 2.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company’s stock worth $217,433,000 after buying an additional 20,590 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in Dover during the 2nd quarter worth approximately $211,269,000. Institutional investors own 84.46% of the company’s stock.

Dover Stock Performance

DOV opened at $210.15 on Friday. The business’s 50-day simple moving average is $193.82 and its 200 day simple moving average is $209.56. Dover Corporation has a 52-week low of $176.40 and a 52-week high of $237.54. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.95. The firm has a market capitalization of $27.95 billion, a PE ratio of 24.49, a PEG ratio of 1.79 and a beta of 1.13.

Dover (NYSE:DOV) last posted its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.03. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.22 billion. Dover had a return on equity of 18.68% and a net margin of 13.60%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company earned $2.62 earnings per share. As a group, sell-side analysts expect that Dover Corporation will post 10.72 earnings per share for the current fiscal year.

Dover Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a $0.5250 dividend. This represents a $2.10 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, August 31st. This is a boost from Dover’s previous quarterly dividend of $0.52. Dover’s payout ratio is currently 24.48%.

Analyst Ratings Changes

A number of research analysts have weighed in on DOV shares. Weiss Ratings lowered shares of Dover from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada increased their price objective on shares of Dover from $216.00 to $219.00 and gave the stock a “sector perform” rating in a research report on Friday, October 23rd. Mizuho dropped their price objective on shares of Dover from $270.00 to $245.00 and set an “outperform” rating on the stock in a report on Thursday, October 15th. Wolfe Research reaffirmed an “outperform” rating and issued a $262.00 price objective on shares of Dover in a research report on Thursday, July 9th. Finally, Robert W. Baird set a $258.00 target price on shares of Dover in a research note on Friday, October 23rd. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Dover presently has a consensus rating of “Moderate Buy” and an average price target of $238.60.

Dover Company Profile

Dover Corporation (NYSE: DOV) is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.

The company’s products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.