Cannon Financial Strategists Inc. Invests $279,000 in Dover Co. (NYSE:DOV)

Cannon Financial Strategists Inc. acquired a new position in Dover Co. (NYSE:DOV) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,545 shares of the industrial products company’s stock, valued at approximately $279,000.

A number of other hedge funds have also recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new position in shares of Dover in the second quarter worth about $3,175,000. Chase Investment Counsel Corp lifted its position in shares of Dover by 23.5% in the second quarter. Chase Investment Counsel Corp now owns 1,575 shares of the industrial products company’s stock worth $284,000 after buying an additional 300 shares in the last quarter. Kimelman & Baird LLC purchased a new stake in shares of Dover in the second quarter worth about $17,323,000. Ecofi Investissements SA purchased a new stake in shares of Dover in the second quarter worth about $8,531,000. Finally, Ascent Group LLC lifted its position in shares of Dover by 11.5% in the second quarter. Ascent Group LLC now owns 11,393 shares of the industrial products company’s stock worth $2,056,000 after buying an additional 1,174 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

Insider Activity

In other news, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total transaction of $225,700.00. Following the transaction, the senior vice president now owns 47,060 shares of the company’s stock, valued at $8,706,100. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $175.00, for a total value of $2,593,150.00. Following the transaction, the chief financial officer now owns 12,324 shares of the company’s stock, valued at $2,156,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Ivonne M. Cabrera sold 1,220 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the transaction, the senior vice president now directly owns 47,060 shares in the company, valued at approximately $8,706,100. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,383 shares of company stock valued at $8,169,883. 1.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DOV. Wolfe Research upgraded Dover to a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company boosted their target price on Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research report on Monday. Mizuho boosted their target price on Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Robert W. Baird reiterated an “outperform” rating and issued a $208.00 target price on shares of Dover in a research report on Monday, July 22nd. Finally, Royal Bank of Canada upped their price objective on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Dover currently has a consensus rating of “Moderate Buy” and an average target price of $193.50.

Dover Trading Down 0.7 %

Shares of DOV stock opened at $190.46 on Wednesday. Dover Co. has a 1 year low of $127.25 and a 1 year high of $194.75. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. The stock’s 50 day simple moving average is $182.71 and its two-hundred day simple moving average is $180.45. The company has a market cap of $26.17 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 2.27 and a beta of 1.22.

Dover (NYSE:DOV) last released its earnings results on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.05 earnings per share. Research analysts predict that Dover Co. will post 9.17 earnings per share for the current year.

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $0.515 per share. This is a boost from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.08%. Dover’s dividend payout ratio is currently 19.79%.

Dover Company Profile

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.