Bank of New York Mellon Corp trimmed its holdings in shares of Dover Co. (NYSE:DOV – Get Rating) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,422,117 shares of the industrial products company’s stock after selling 18,404 shares during the period. Bank of New York Mellon Corp’s holdings in Dover were worth $165,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently bought and sold shares of the business. American Trust lifted its holdings in Dover by 7.3% during the 3rd quarter. American Trust now owns 20,830 shares of the industrial products company’s stock worth $2,428,000 after buying an additional 1,421 shares during the last quarter. Toroso Investments LLC lifted its holdings in Dover by 4.9% during the 3rd quarter. Toroso Investments LLC now owns 3,067 shares of the industrial products company’s stock worth $358,000 after buying an additional 144 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Dover during the 3rd quarter worth about $748,000. Teachers Retirement System of The State of Kentucky purchased a new stake in Dover during the 3rd quarter worth about $1,530,000. Finally, M&T Bank Corp lifted its holdings in Dover by 1.6% during the 3rd quarter. M&T Bank Corp now owns 231,580 shares of the industrial products company’s stock worth $26,998,000 after buying an additional 3,592 shares during the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on DOV shares. Morgan Stanley lifted their price target on Dover from $144.00 to $152.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 1st. StockNews.com began coverage on Dover in a report on Thursday. They issued a “buy” rating for the company. Citigroup boosted their target price on Dover from $175.00 to $184.00 and gave the company a “buy” rating in a report on Monday, March 6th. Deutsche Bank Aktiengesellschaft boosted their target price on Dover from $137.00 to $141.00 in a report on Monday, December 5th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $145.00 target price on shares of Dover in a report on Thursday, March 9th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Dover has a consensus rating of “Moderate Buy” and an average price target of $159.75.
Dover Stock Down 3.0 %
Dover (NYSE:DOV – Get Rating) last issued its earnings results on Tuesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.01. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Dover had a return on equity of 28.55% and a net margin of 12.52%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.78 EPS. As a group, research analysts anticipate that Dover Co. will post 9 EPS for the current year.
Dover Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were paid a dividend of $0.505 per share. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date was Monday, February 27th. Dover’s dividend payout ratio (DPR) is 27.19%.
Insider Transactions at Dover
In other news, CFO Brad M. Cerepak sold 34,972 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $143.25, for a total transaction of $5,009,739.00. Following the completion of the transaction, the chief financial officer now directly owns 73,878 shares of the company’s stock, valued at approximately $10,583,023.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.
Dover Company Profile
Dover Corp. operates as a manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services. It operates through the following segments: Engineered Products, Clean Energy and Fueling, Imaging and Identification, Pumps and Process Solutions, and Climate and Sustainability Technologies.
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