New York State Common Retirement Fund Trims Stake in Dover Co. (NYSE:DOV)

New York State Common Retirement Fund cut its position in Dover Co. (NYSE:DOV) by 9.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 163,725 shares of the industrial products company’s stock after selling 18,053 shares during the period. New York State Common Retirement Fund’s holdings in Dover were worth $25,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of DOV. CWM LLC increased its stake in shares of Dover by 14.5% in the third quarter. CWM LLC now owns 2,089 shares of the industrial products company’s stock worth $291,000 after purchasing an additional 264 shares in the last quarter. CX Institutional increased its stake in shares of Dover by 5.4% in the third quarter. CX Institutional now owns 4,861 shares of the industrial products company’s stock worth $678,000 after purchasing an additional 251 shares in the last quarter. Czech National Bank increased its stake in shares of Dover by 47.7% in the third quarter. Czech National Bank now owns 24,447 shares of the industrial products company’s stock worth $3,411,000 after purchasing an additional 7,892 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of Dover by 3.4% in the third quarter. Handelsbanken Fonder AB now owns 82,371 shares of the industrial products company’s stock worth $11,492,000 after purchasing an additional 2,706 shares in the last quarter. Finally, Connecticut Wealth Management LLC purchased a new stake in shares of Dover in the third quarter worth $330,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DOV. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a research note on Friday. Seaport Res Ptn raised shares of Dover from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Mizuho raised their target price on shares of Dover from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Friday. Citigroup raised their target price on shares of Dover from $180.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, Oppenheimer raised their target price on shares of Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $185.75.

Dover Price Performance

DOV stock opened at $180.17 on Friday. Dover Co. has a 52 week low of $127.25 and a 52 week high of $181.49. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. The company has a fifty day simple moving average of $171.75 and a two-hundred day simple moving average of $154.29. The firm has a market capitalization of $24.75 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.88 by $0.07. Dover had a net margin of 12.52% and a return on equity of 25.95%. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the business earned $1.94 earnings per share. Dover’s quarterly revenue was up .7% compared to the same quarter last year. Analysts anticipate that Dover Co. will post 9.07 earnings per share for the current fiscal year.

Dover Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $0.51 per share. The ex-dividend date was Wednesday, February 28th. This represents a $2.04 annualized dividend and a yield of 1.13%. Dover’s dividend payout ratio (DPR) is currently 27.13%.

Insider Transactions at Dover

In other news, CFO Brad M. Cerepak sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the sale, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Brad M. Cerepak sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total value of $1,060,260.00. Following the completion of the sale, the chief financial officer now owns 17,909 shares in the company, valued at approximately $3,164,699.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the completion of the sale, the chief financial officer now owns 23,909 shares of the company’s stock, valued at approximately $3,897,406.09. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,910 shares of company stock worth $4,318,059. 1.30% of the stock is currently owned by insiders.

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.