Covestor Ltd Reduces Stake in Dover Co. (NYSE:DOV)

Covestor Ltd lessened its stake in shares of Dover Co. (NYSE:DOV) by 12.0% in the third quarter, Holdings Channel reports. The institutional investor owned 390 shares of the industrial products company’s stock after selling 53 shares during the quarter. Covestor Ltd’s holdings in Dover were worth $75,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Assetmark Inc. increased its holdings in Dover by 5.0% during the 3rd quarter. Assetmark Inc. now owns 51,611 shares of the industrial products company’s stock worth $9,896,000 after acquiring an additional 2,436 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Dover during the 3rd quarter valued at $239,000. Kornitzer Capital Management Inc. KS increased its holdings in shares of Dover by 4.2% in the third quarter. Kornitzer Capital Management Inc. KS now owns 7,584 shares of the industrial products company’s stock worth $1,454,000 after purchasing an additional 309 shares during the period. Olstein Capital Management L.P. raised its position in shares of Dover by 3.6% in the third quarter. Olstein Capital Management L.P. now owns 29,000 shares of the industrial products company’s stock worth $5,560,000 after buying an additional 1,000 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Dover by 3.1% during the third quarter. Principal Financial Group Inc. now owns 177,844 shares of the industrial products company’s stock worth $34,100,000 after buying an additional 5,372 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

Dover Stock Performance

Shares of DOV stock opened at $203.99 on Thursday. The company has a market capitalization of $27.99 billion, a P/E ratio of 18.25, a PEG ratio of 2.72 and a beta of 1.22. Dover Co. has a fifty-two week low of $133.77 and a fifty-two week high of $204.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.06 and a current ratio of 1.57. The stock has a 50 day moving average price of $190.48 and a two-hundred day moving average price of $184.40.

Dover Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on DOV. UBS Group started coverage on Dover in a research report on Wednesday. They set a “neutral” rating and a $217.00 price target for the company. Mizuho lifted their target price on shares of Dover from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price target on shares of Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Royal Bank of Canada upped their target price on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, Barclays raised their price target on Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $208.40.

Insiders Place Their Bets

In other news, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the completion of the sale, the chief financial officer now directly owns 12,324 shares in the company, valued at approximately $2,156,700. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brad M. Cerepak sold 14,818 shares of Dover stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the sale, the chief financial officer now directly owns 12,324 shares in the company, valued at $2,156,700. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,042 shares of company stock valued at $7,368,578 in the last quarter. Insiders own 1.30% of the company’s stock.

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.