Inverness Counsel LLC NY lessened its stake in shares of Dover Co. (NYSE:DOV) by 1.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,352,619 shares of the industrial products company’s stock after selling 24,416 shares during the period. Dover accounts for about 7.4% of Inverness Counsel LLC NY’s portfolio, making the stock its 2nd biggest position. Inverness Counsel LLC NY owned about 0.94% of Dover worth $203,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Dover by 5.0% during the first quarter. JPMorgan Chase & Co. now owns 12,382,627 shares of the industrial products company’s stock worth $1,698,029,000 after purchasing an additional 593,327 shares during the last quarter. Boston Partners lifted its holdings in shares of Dover by 5.3% in the first quarter. Boston Partners now owns 4,492,201 shares of the industrial products company’s stock worth $616,343,000 after acquiring an additional 224,578 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Dover by 2.4% during the 1st quarter. Geode Capital Management LLC now owns 2,420,963 shares of the industrial products company’s stock valued at $331,080,000 after purchasing an additional 57,308 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Dover by 38.3% in the 1st quarter. Alliancebernstein L.P. now owns 2,198,614 shares of the industrial products company’s stock valued at $301,496,000 after purchasing an additional 609,276 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Dover by 16.1% during the first quarter. Nuveen Asset Management LLC now owns 1,885,538 shares of the industrial products company’s stock worth $258,564,000 after buying an additional 261,082 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.
Several analysts have recently weighed in on DOV shares. Citigroup boosted their price target on Dover from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, July 21st. Barclays lifted their price target on shares of Dover from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Wednesday, July 21st. They noted that the move was a valuation call. Royal Bank of Canada raised their target price on Dover from $153.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 21st. Morgan Stanley raised their price objective on Dover from $164.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 21st. Finally, Zacks Investment Research downgraded shares of Dover from a “buy” rating to a “hold” rating and set a $155.00 target price for the company. in a research report on Tuesday, June 22nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Dover has an average rating of “Buy” and an average target price of $164.00.
Dover (NYSE:DOV) last issued its earnings results on Monday, July 19th. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.22. The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Dover had a return on equity of 29.42% and a net margin of 11.84%. Dover’s quarterly revenue was up 35.5% compared to the same quarter last year. During the same period last year, the business earned $1.13 EPS. Equities analysts predict that Dover Co. will post 7.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Tuesday, August 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, August 30th. This is an increase from Dover’s previous quarterly dividend of $0.50. This represents a $2.00 annualized dividend and a dividend yield of 1.20%. Dover’s payout ratio is presently 35.27%.
Dover Company Profile
Dover Corp. engages in the manufacture of equipment, components, and specialty systems. The firm also provides supporting engineering, testing, and other similar services. It operates through the following segments: Engineered Products, Fueling Solutions, Imaging and Identification, Pumps and Process Solutions, and Refrigeration and Food Equipment.
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