Bank of Montreal Can Increases Stake in Dover Corporation $DOV

Key Points

• Bank of Montreal Can boosted its stake in Dover by 247%, acquiring an additional 270,732 shares to own 380,326 shares worth about $63.45 million at quarter-end.
• Company insiders sold a total of 82,497 shares in the past three months, including CEO Richard J. Tobin who sold 76,997 shares for about $17.9 million, cutting his ownership by 26.1%; insiders now hold 1.30% of the stock.
• Dover slightly beat quarterly expectations with EPS of $2.51 (versus $2.48) and revenue up 8.8% year-over-year, announced a quarterly dividend of $0.52 (annualized $2.08, ~1.0% yield), and carries a consensus analyst target of $224 ("Moderate Buy").

Bank of Montreal Can increased its stake in shares of Dover Corporation (NYSE:DOV - Free Report) by 247.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 380,326 shares of the industrial products company's stock after acquiring an additional 270,732 shares during the quarter. Bank of Montreal Can owned about 0.28% of Dover worth $63,450,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of DOV. Vanguard Group Inc. increased its position in Dover by 1.4% in the second quarter. Vanguard Group Inc. now owns 16,573,281 shares of the industrial products company's stock worth $3,036,722,000 after purchasing an additional 231,146 shares during the last quarter. State Street Corp grew its stake in shares of Dover by 2.7% in the 2nd quarter. State Street Corp now owns 6,447,149 shares of the industrial products company's stock worth $1,181,311,000 after buying an additional 171,934 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Dover by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,453,121 shares of the industrial products company's stock worth $629,996,000 after buying an additional 33,539 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Dover by 10.6% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,376,279 shares of the industrial products company's stock worth $435,406,000 after buying an additional 227,653 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Dover by 717.4% during the 2nd quarter. First Trust Advisors LP now owns 1,716,256 shares of the industrial products company's stock valued at $314,470,000 after buying an additional 1,506,288 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Dover

In other news, CEO Richard J. Tobin sold 76,997 shares of Dover stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the completion of the sale, the chief executive officer owned 217,979 shares of the company's stock, valued at approximately $50,723,713.30. The trade was a 26.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Ivonne M. Cabrera sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $233.23, for a total value of $932,920.00. Following the completion of the sale, the senior vice president owned 72,188 shares of the company's stock, valued at $16,836,407.24. The trade was a 5.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 82,497 shares of company stock valued at $19,196,277 in the last three months. Company insiders own 1.30% of the company's stock.

Dover Price Performance

DOV opened at $203.69 on Friday. The business has a fifty day moving average of $214.95 and a 200 day moving average of $192.29. Dover Corporation has a 52-week low of $143.04 and a 52-week high of $237.54. The company has a quick ratio of 1.28, a current ratio of 1.79 and a debt-to-equity ratio of 0.35. The stock has a market cap of $27.47 billion, a P/E ratio of 25.65, a PEG ratio of 1.61 and a beta of 1.27.

Dover (NYSE:DOV - Get Free Report) last released its earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.03. Dover had a return on equity of 17.87% and a net margin of 13.52%.The business had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the firm posted $2.20 earnings per share. The business's revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Dover Corporation will post 9.45 EPS for the current year.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 27th. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. Dover's dividend payout ratio (DPR) is presently 26.20%.

Wall Street Analysts Forecast Growth

DOV has been the subject of several recent research reports. Weiss Ratings upgraded Dover from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 6th. BNP Paribas Exane assumed coverage on Dover in a research note on Thursday, December 4th. They issued a "neutral" rating and a $195.00 price objective for the company. UBS Group set a $256.00 target price on Dover and gave the stock a "buy" rating in a report on Sunday, January 4th. Wall Street Zen raised Dover from a "hold" rating to a "buy" rating in a research report on Saturday, February 28th. Finally, Royal Bank Of Canada raised their price target on Dover from $199.00 to $209.00 and gave the stock a "sector perform" rating in a research report on Friday, January 30th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $224.00.

Dover Profile

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover's activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

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