Ceredex Value Advisors LLC Trims Stock Position in Dover Corporation $DOV

Key Points

• Ceredex Value Advisors trimmed its stake by 22.3%, selling 38,100 shares in the third quarter and leaving it with 132,650 Dover shares (about 0.10%) valued at roughly $22.13 million.
• Company insiders executed sizable sales: CEO Richard J. Tobin sold 76,997 shares for about $17.9 million (a 26.1% reduction in his holdings), and insiders sold 82,497 shares totaling roughly $19.2 million in the quarter.
• Dover slightly beat quarterly expectations with $2.51 EPS (vs. $2.48 est.) and revenue of $2.10 billion (up 8.8% YoY); analysts have an average "Moderate Buy" rating with a $224 target, and the company declared a $0.52 quarterly dividend (1.0% yield, ex-dividend Feb. 27).

Ceredex Value Advisors LLC trimmed its stake in Dover Corporation (NYSE:DOV - Free Report) by 22.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,650 shares of the industrial products company's stock after selling 38,100 shares during the period. Ceredex Value Advisors LLC owned 0.10% of Dover worth $22,130,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DOV. Vermillion & White Wealth Management Group LLC raised its stake in Dover by 122.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the industrial products company's stock worth $31,000 after acquiring an additional 93 shares during the period. Caldwell Trust Co purchased a new position in shares of Dover during the 2nd quarter valued at $31,000. Westside Investment Management Inc. increased its stake in Dover by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 228 shares of the industrial products company's stock worth $38,000 after buying an additional 114 shares in the last quarter. Davis Capital Management bought a new stake in Dover during the third quarter valued at about $44,000. Finally, Cornerstone Planning Group LLC boosted its stake in shares of Dover by 371.4% in the third quarter. Cornerstone Planning Group LLC now owns 264 shares of the industrial products company's stock worth $44,000 after acquiring an additional 208 shares during the period. Institutional investors own 84.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Robert W. Baird set a $255.00 price target on Dover in a research note on Friday, January 30th. Oppenheimer upped their target price on shares of Dover from $228.00 to $232.00 and gave the stock an "outperform" rating in a research report on Monday, January 26th. Weiss Ratings raised shares of Dover from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. BNP Paribas Exane began coverage on shares of Dover in a report on Thursday, December 4th. They issued a "neutral" rating and a $195.00 price target on the stock. Finally, Citigroup reiterated a "buy" rating on shares of Dover in a research note on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $224.00.

Insider Activity at Dover

In other Dover news, CEO Richard J. Tobin sold 76,997 shares of the company's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the sale, the chief executive officer directly owned 217,979 shares in the company, valued at $50,723,713.30. This represents a 26.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Ivonne M. Cabrera sold 4,000 shares of Dover stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $233.23, for a total value of $932,920.00. Following the completion of the transaction, the senior vice president owned 72,188 shares of the company's stock, valued at approximately $16,836,407.24. This trade represents a 5.25% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 82,497 shares of company stock valued at $19,196,277. Insiders own 1.20% of the company's stock.

Dover Stock Up 1.2%

NYSE DOV opened at $210.82 on Tuesday. The stock has a 50 day moving average price of $214.22 and a 200-day moving average price of $191.89. Dover Corporation has a one year low of $143.04 and a one year high of $237.54. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.79. The company has a market capitalization of $28.43 billion, a P/E ratio of 26.55, a P/E/G ratio of 1.60 and a beta of 1.26.

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

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, February 27th. Dover's dividend payout ratio is currently 26.20%.

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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