Salem Investment Counselors Inc. decreased its stake in shares of Dover Corp (NYSE:DOV) by 24.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 4,949 shares of the industrial products company’s stock after selling 1,615 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Dover were worth $362,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Worldquant Millennium Quantitative Strategies LLC purchased a new position in Dover during the second quarter worth approximately $426,000. Centaurus Financial Inc. purchased a new position in Dover during the second quarter worth approximately $127,000. Tower Research Capital LLC TRC lifted its position in Dover by 547.7% during the second quarter. Tower Research Capital LLC TRC now owns 6,736 shares of the industrial products company’s stock worth $493,000 after buying an additional 5,696 shares in the last quarter. Bank of America Corp DE lifted its position in Dover by 15.9% during the second quarter. Bank of America Corp DE now owns 5,304,419 shares of the industrial products company’s stock worth $388,283,000 after buying an additional 726,930 shares in the last quarter. Finally, Fort L.P. purchased a new position in Dover during the second quarter worth approximately $118,000. Hedge funds and other institutional investors own 90.92% of the company’s stock.
In other Dover news, Director Kristiane C. Graham sold 50,000 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $82.75, for a total transaction of $4,137,500.00. Following the completion of the sale, the director now owns 367,324 shares of the company’s stock, valued at $30,396,061. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.50% of the stock is owned by company insiders.
Dover (NYSE:DOV) last posted its earnings results on Thursday, July 19th. The industrial products company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.09. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Dover had a return on equity of 18.66% and a net margin of 9.64%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.04 earnings per share. equities research analysts anticipate that Dover Corp will post 4.83 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Friday, August 31st will be paid a dividend of $0.48 per share. This is a boost from Dover’s previous quarterly dividend of $0.47. The ex-dividend date is Thursday, August 30th. This represents a $1.92 annualized dividend and a yield of 2.17%. Dover’s dividend payout ratio (DPR) is 47.64%.
A number of brokerages recently commented on DOV. ValuEngine upgraded Dover from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. UBS Group lifted their price objective on Dover from $80.00 to $86.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Seaport Global Securities reiterated a “hold” rating and set a $80.00 price objective on shares of Dover in a research report on Friday, July 20th. BMO Capital Markets reduced their price objective on Dover from $98.00 to $93.00 and set an “outperform” rating on the stock in a research report on Friday, July 20th. Finally, Citigroup lifted their price objective on Dover from $84.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, July 20th. Thirteen equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $92.77.
Dover Company Profile
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates in three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual clamps, power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.
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