Stone Ridge Asset Management LLC acquired a new position in Dover Corp (NYSE:DOV) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 69,687 shares of the industrial products company’s stock, valued at approximately $7,038,000. Dover makes up 0.5% of Stone Ridge Asset Management LLC’s portfolio, making the stock its 25th largest position.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DOV. Third Point LLC purchased a new stake in Dover in the 3rd quarter worth approximately $150,794,000. JPMorgan Chase & Co. lifted its holdings in Dover by 17.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,810,306 shares of the industrial products company’s stock worth $531,702,000 after buying an additional 848,098 shares during the period. Pzena Investment Management LLC lifted its holdings in Dover by 5.9% in the 4th quarter. Pzena Investment Management LLC now owns 5,942,675 shares of the industrial products company’s stock worth $600,151,000 after buying an additional 328,864 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Dover by 408.6% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 307,688 shares of the industrial products company’s stock worth $31,073,000 after buying an additional 247,188 shares during the period. Finally, Magnetar Financial LLC purchased a new stake in Dover in the 3rd quarter worth approximately $22,066,000. Institutional investors and hedge funds own 86.75% of the company’s stock.
In related news, VP Anthony K. Kosinski sold 895 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $104.34, for a total transaction of $93,384.30. Following the completion of the transaction, the vice president now owns 8,516 shares of the company’s stock, valued at approximately $888,559.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Patrick Burns acquired 510 shares of Dover stock in a transaction that occurred on Friday, March 2nd. The shares were bought at an average cost of $97.51 per share, with a total value of $49,730.10. Following the transaction, the senior vice president now owns 1,883 shares in the company, valued at $183,611.33. The disclosure for this purchase can be found here. 2.50% of the stock is owned by company insiders.
Dover (NYSE:DOV) last posted its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $1.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.09. Dover had a return on equity of 15.24% and a net margin of 10.37%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter last year, the company earned $1.03 EPS. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. analysts expect that Dover Corp will post 5.85 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Tuesday, February 27th. Dover’s dividend payout ratio (DPR) is presently 36.50%.
Several equities research analysts have weighed in on the company. BMO Capital Markets increased their price objective on Dover from $116.00 to $118.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Morgan Stanley increased their price objective on Dover from $110.00 to $113.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. SunTrust Banks increased their price objective on Dover to $106.00 and gave the stock a “hold” rating in a report on Wednesday, January 31st. ValuEngine cut Dover from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Barclays started coverage on Dover in a research note on Thursday, February 15th. They issued an “overweight” rating and a $120.00 target price for the company. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $107.83.
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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