50,871 Shares in Dover Corporation $DOV Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 50,871 Dover shares in the third quarter, worth about $9.5 million; institutional investors and hedge funds collectively own 84.46% of the stock.
• Dover beat quarterly estimates, reporting adjusted earnings of $2.88 per share versus $2.85 expected and revenue of $2.23 billion, up 7.5% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $238.60. Dover also raised its quarterly dividend to $0.525 per share.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Dover Corporation (NYSE:DOV - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 50,871 shares of the industrial products company's stock, valued at approximately $9,515,000.

A number of other hedge funds have also modified their holdings of DOV. ProShare Advisors LLC lifted its holdings in shares of Dover by 4.9% during the third quarter. ProShare Advisors LLC now owns 788,983 shares of the industrial products company's stock valued at $147,579,000 after acquiring an additional 36,601 shares during the period. Vise Technologies Inc. grew its holdings in shares of Dover by 38.8% in the 3rd quarter. Vise Technologies Inc. now owns 4,840 shares of the industrial products company's stock worth $905,000 after purchasing an additional 1,352 shares during the last quarter. MGO One Seven LLC increased its position in shares of Dover by 2.2% during the 3rd quarter. MGO One Seven LLC now owns 2,804 shares of the industrial products company's stock worth $525,000 after purchasing an additional 60 shares in the last quarter. United Asset Strategies Inc. acquired a new stake in shares of Dover during the 3rd quarter worth about $444,000. Finally, BOKF NA lifted its holdings in Dover by 0.7% during the 3rd quarter. BOKF NA now owns 8,133 shares of the industrial products company's stock valued at $1,521,000 after purchasing an additional 54 shares during the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on DOV. Wall Street Zen lowered shares of Dover from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Wells Fargo & Company raised their price objective on shares of Dover from $229.00 to $233.00 and gave the stock an "overweight" rating in a report on Friday, October 23rd. BMO Capital Markets upgraded shares of Dover from a "market perform" rating to an "outperform" rating and cut their target price for the company from $255.00 to $240.00 in a research note on Friday, July 24th. Mizuho reduced their target price on Dover from $270.00 to $245.00 and set an "outperform" rating on the stock in a report on Thursday, October 15th. Finally, Wolfe Research restated an "outperform" rating and set a $262.00 price target on shares of Dover in a research report on Thursday, July 9th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $238.60.

Dover Stock Down 0.4%

Shares of NYSE:DOV opened at $212.73 on Thursday. Dover Corporation has a one year low of $176.91 and a one year high of $237.54. The company has a 50 day moving average of $194.65 and a 200-day moving average of $209.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.95 and a quick ratio of 1.37. The stock has a market cap of $28.30 billion, a price-to-earnings ratio of 24.79, a P/E/G ratio of 1.84 and a beta of 1.10.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.03. Dover had a net margin of 13.60% and a return on equity of 18.68%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the firm posted $2.62 earnings per share. Dover's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, sell-side analysts forecast that Dover Corporation will post 10.72 earnings per share for the current year.

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.5250 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Monday, August 31st. This is a positive change from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio is presently 24.48%.

Insider Activity at Dover

In other news, CEO Richard Tobin sold 86,440 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $214.86, for a total value of $18,572,498.40. Following the transaction, the chief executive officer owned 212,855 shares of the company's stock, valued at $45,734,025.30. This represents a 28.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

About Dover

Dover Corporation NYSE: DOV is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.

The company's products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.

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