Cullen Frost Bankers Inc. decreased its position in Dover Corp (NYSE:DOV) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,837 shares of the industrial products company’s stock after selling 141 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Dover were worth $1,477,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in DOV. LLBH Private Wealth Management LLC acquired a new position in Dover during the second quarter valued at $65,000. Vanguard Group Inc. increased its position in Dover by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 17,343,884 shares of the industrial products company’s stock worth $1,737,857,000 after purchasing an additional 254,585 shares during the last quarter. BlackRock Inc. increased its position in Dover by 3.1% in the 2nd quarter. BlackRock Inc. now owns 12,354,483 shares of the industrial products company’s stock worth $1,237,921,000 after purchasing an additional 371,171 shares during the last quarter. JPMorgan Chase & Co. increased its position in Dover by 4.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,504,293 shares of the industrial products company’s stock worth $838,012,000 after purchasing an additional 368,878 shares during the last quarter. Finally, Boston Partners increased its position in Dover by 0.7% in the 2nd quarter. Boston Partners now owns 7,696,715 shares of the industrial products company’s stock worth $771,171,000 after purchasing an additional 54,431 shares during the last quarter. Institutional investors and hedge funds own 86.21% of the company’s stock.
Shares of DOV traded up $0.10 during trading hours on Friday, hitting $109.23. 16,394 shares of the company were exchanged, compared to its average volume of 1,092,961. The company has a market cap of $15.85 billion, a PE ratio of 21.96, a PEG ratio of 1.63 and a beta of 1.49. The firm’s 50 day moving average is $100.49 and its 200-day moving average is $96.82. Dover Corp has a 52 week low of $65.83 and a 52 week high of $110.81. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.97 and a current ratio of 1.42.
Dover (NYSE:DOV) last released its quarterly earnings results on Thursday, October 17th. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.09. Dover had a return on equity of 29.62% and a net margin of 9.08%. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the prior year, the company posted $1.36 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. As a group, equities analysts forecast that Dover Corp will post 5.85 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 1.79%. Dover’s payout ratio is 39.44%.
Several research analysts have weighed in on the company. Morgan Stanley upped their target price on Dover from $103.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Barclays upped their target price on Dover from $112.00 to $116.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Royal Bank of Canada set a $96.00 target price on Dover and gave the stock a “hold” rating in a research report on Friday, October 18th. Robert W. Baird upped their target price on Dover from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Citigroup upped their target price on Dover from $113.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $101.84.
In related news, Director Kristiane C. Graham sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $109.57, for a total transaction of $109,570.00. Following the completion of the sale, the director now owns 356,704 shares in the company, valued at approximately $39,084,057.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brad M. Cerepak sold 9,918 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $90.93, for a total value of $901,843.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,514 shares of company stock valued at $2,439,945. 1.70% of the stock is owned by corporate insiders.
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through 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 and 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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