California State Teachers Retirement System reduced its position in shares of Dover Corp (NYSE:DOV) by 1.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 247,770 shares of the industrial products company’s stock after selling 3,746 shares during the period. California State Teachers Retirement System’s holdings in Dover were worth $17,579,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in DOV. BlackRock Inc. raised its stake in shares of Dover by 17.4% in the fourth quarter. BlackRock Inc. now owns 11,821,885 shares of the industrial products company’s stock worth $838,764,000 after acquiring an additional 1,754,640 shares during the last quarter. Ashler Capital LLC bought a new position in shares of Dover in the third quarter worth about $44,080,000. AXA raised its stake in shares of Dover by 619.8% in the third quarter. AXA now owns 337,137 shares of the industrial products company’s stock worth $29,847,000 after acquiring an additional 290,300 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Dover by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 8,827,415 shares of the industrial products company’s stock worth $781,489,000 after acquiring an additional 288,630 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of Dover by 41.6% in the third quarter. Neuberger Berman Group LLC now owns 981,926 shares of the industrial products company’s stock worth $86,930,000 after acquiring an additional 288,540 shares during the last quarter. 85.73% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on DOV. SunTrust Banks boosted their target price on shares of Dover to $91.00 and gave the stock a “hold” rating in a research note on Wednesday, January 30th. They noted that the move was a valuation call. Oppenheimer reaffirmed a “hold” rating on shares of Dover in a research note on Tuesday, January 29th. Barclays dropped their target price on shares of Dover from $97.00 to $93.00 and set an “overweight” rating for the company in a research note on Monday, December 17th. UBS Group raised shares of Dover from a “neutral” rating to a “buy” rating and set a $76.35 target price for the company in a research note on Thursday, January 10th. Finally, Zacks Investment Research downgraded shares of Dover from a “hold” rating to a “sell” rating in a research note on Monday, December 31st. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Dover presently has a consensus rating of “Hold” and a consensus price target of $89.80.
Dover (NYSE:DOV) last posted its quarterly earnings results on Tuesday, January 29th. The industrial products company reported $1.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.14. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Dover had a net margin of 7.84% and a return on equity of 24.90%. Dover’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.84 earnings per share. On average, equities research analysts anticipate that Dover Corp will post 5.72 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 28th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Wednesday, February 27th. Dover’s dividend payout ratio (DPR) is 38.63%.
In related news, SVP Jay L. Kloosterboer sold 12,363 shares of the business’s stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $87.53, for a total transaction of $1,082,133.39. Following the completion of the sale, the senior vice president now directly owns 23,827 shares of the company’s stock, valued at $2,085,577.31. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP William Spurgeon sold 13,102 shares of the business’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $87.19, for a total transaction of $1,142,363.38. Following the sale, the vice president now directly owns 6,393 shares of the company’s stock, valued at $557,405.67. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,200 shares of company stock valued at $4,277,800. 2.60% of the stock is currently owned by insiders.
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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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