California State Teachers Retirement System decreased its holdings in Dover Co. (NYSE:DOV – Get Rating) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 237,641 shares of the industrial products company’s stock after selling 2,497 shares during the quarter. California State Teachers Retirement System’s holdings in Dover were worth $27,704,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Utah Retirement Systems boosted its holdings in shares of Dover by 0.4% in the third quarter. Utah Retirement Systems now owns 25,604 shares of the industrial products company’s stock worth $2,985,000 after buying an additional 100 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in Dover during the 3rd quarter valued at $105,000. Ieq Capital LLC boosted its position in shares of Dover by 149.9% in the third quarter. Ieq Capital LLC now owns 7,356 shares of the industrial products company’s stock worth $857,000 after buying an additional 4,413 shares during the period. M&T Bank Corp grew its holdings in shares of Dover by 1.6% during the third quarter. M&T Bank Corp now owns 231,580 shares of the industrial products company’s stock valued at $26,998,000 after buying an additional 3,592 shares in the last quarter. Finally, Rhumbline Advisers raised its position in Dover by 7.3% during the second quarter. Rhumbline Advisers now owns 267,115 shares of the industrial products company’s stock valued at $32,406,000 after buying an additional 18,284 shares during the period. Institutional investors and hedge funds own 85.52% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on DOV shares. Barclays lifted their target price on Dover from $130.00 to $141.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $145.00 target price on shares of Dover in a research report on Thursday, March 9th. Citigroup boosted their price target on shares of Dover from $175.00 to $184.00 and gave the company a “buy” rating in a report on Monday, March 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on Dover from $137.00 to $141.00 in a research report on Monday, December 5th. Finally, Morgan Stanley upped their target price on Dover from $144.00 to $152.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 1st. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $159.75.
Dover Stock Down 3.0 %
Dover (NYSE:DOV – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 12.52% and a return on equity of 28.55%. Dover’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 EPS. Research analysts forecast that Dover Co. will post 9 EPS for the current year.
Dover Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were given a dividend of $0.505 per share. The ex-dividend date of this dividend was Monday, February 27th. This represents a $2.02 annualized dividend and a dividend yield of 1.48%. Dover’s dividend payout ratio is presently 27.19%.
Insider Buying and Selling at Dover
In other news, CFO Brad M. Cerepak sold 34,972 shares of the company’s 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 in the company, valued at $10,583,023.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.20% of the company’s stock.
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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