MAI Capital Management Lowers Position in Dover Co. (NYSE:DOV)

MAI Capital Management cut its stake in Dover Co. (NYSE:DOV) by 15.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,752 shares of the industrial products company’s stock after selling 688 shares during the period. MAI Capital Management’s holdings in Dover were worth $719,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Main Street Financial Solutions LLC increased its stake in shares of Dover by 2.7% during the third quarter. Main Street Financial Solutions LLC now owns 2,255 shares of the industrial products company’s stock valued at $432,000 after purchasing an additional 60 shares in the last quarter. Valmark Advisers Inc. increased its stake in shares of Dover by 1.6% during the second quarter. Valmark Advisers Inc. now owns 3,962 shares of the industrial products company’s stock valued at $715,000 after purchasing an additional 63 shares in the last quarter. Mather Group LLC. increased its stake in shares of Dover by 2.3% during the second quarter. Mather Group LLC. now owns 3,145 shares of the industrial products company’s stock valued at $557,000 after purchasing an additional 71 shares in the last quarter. Empower Advisory Group LLC increased its stake in shares of Dover by 3.7% during the third quarter. Empower Advisory Group LLC now owns 2,030 shares of the industrial products company’s stock valued at $389,000 after purchasing an additional 73 shares in the last quarter. Finally, PFG Investments LLC increased its stake in shares of Dover by 3.9% during the second quarter. PFG Investments LLC now owns 1,951 shares of the industrial products company’s stock valued at $352,000 after purchasing an additional 74 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DOV shares. Barclays raised their target price on shares of Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. raised their price target on shares of Dover from $210.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company raised their price target on shares of Dover from $190.00 to $197.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. UBS Group assumed coverage on shares of Dover in a research report on Wednesday, November 13th. They set a “neutral” rating and a $217.00 price target for the company. Finally, Oppenheimer reissued an “outperform” rating and set a $215.00 price target (up previously from $210.00) on shares of Dover in a research report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Dover has a consensus rating of “Moderate Buy” and a consensus price target of $208.40.

Insider Buying and Selling

In other news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction on Thursday, August 29th. The shares were 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 in the company, valued at $8,706,100. This trade represents a 2.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of Dover stock in a transaction on Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the transaction, the chief financial officer now owns 12,324 shares in the company, valued at $2,156,700. This represents a 54.59 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Dover Trading Up 1.1 %

Shares of DOV stock opened at $204.70 on Friday. Dover Co. has a 12-month low of $137.73 and a 12-month high of $205.06. The company has a current ratio of 1.57, a quick ratio of 1.06 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $193.32 and its 200 day moving average is $185.43. The stock has a market capitalization of $28.08 billion, a P/E ratio of 18.31, a P/E/G ratio of 2.67 and a beta of 1.22.

Dover Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.515 dividend. This represents a $2.06 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Friday, November 29th. Dover’s dividend payout ratio is currently 18.43%.

About Dover

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.