Dover Corporation $DOV Stake Lowered by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Dover stake by 3.3%, selling 10,645 shares and retaining 313,195 shares valued at about $58.6 million. Institutional investors and hedge funds collectively own 84.46% of Dover.
• Dover reported quarterly earnings of $2.88 per share, beating estimates of $2.85, while revenue rose 7.5% year over year to $2.23 billion. The company also increased its quarterly dividend to $0.525 per share.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $238.60. CEO Richard Tobin sold 86,440 shares for about $18.6 million, reducing his direct holding by 28.88%.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Dover Corporation (NYSE:DOV - Free Report) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 313,195 shares of the industrial products company's stock after selling 10,645 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Dover worth $58,583,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Callan Family Office LLC bought a new position in shares of Dover in the 2nd quarter valued at about $702,000. Concurrent Investment Advisors LLC grew its position in shares of Dover by 239.5% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 14,204 shares of the industrial products company's stock worth $3,186,000 after buying an additional 10,020 shares during the period. Hsbc Holdings PLC raised its stake in shares of Dover by 5.0% during the second quarter. Hsbc Holdings PLC now owns 941,695 shares of the industrial products company's stock worth $211,269,000 after buying an additional 44,854 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of Dover by 1,356.0% during the second quarter. Squarepoint Ops LLC now owns 25,989 shares of the industrial products company's stock worth $5,829,000 after buying an additional 24,204 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in Dover by 99.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 14,701 shares of the industrial products company's stock valued at $3,297,000 after buying an additional 7,322 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DOV has been the topic of a number of recent research reports. Robert W. Baird set a $258.00 price objective on shares of Dover in a research note on Friday, October 23rd. Citigroup upped their target price on shares of Dover from $266.00 to $268.00 and gave the company a "buy" rating in a research report on Friday, October 23rd. Wells Fargo & Company increased their price target on Dover from $229.00 to $233.00 and gave the company an "overweight" rating in a research note on Friday, October 23rd. Mizuho reduced their price target on Dover from $270.00 to $245.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. Finally, Wall Street Zen cut Dover from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Dover currently has an average rating of "Moderate Buy" and an average target price of $238.60.

Insider Buying and Selling

In related news, CEO Richard Tobin sold 86,440 shares of the business's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $214.86, for a total value of $18,572,498.40. Following the sale, the chief executive officer directly owned 212,855 shares of the company's stock, valued at approximately $45,734,025.30. The trade was a 28.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Dover Price Performance

DOV opened at $213.36 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.34. Dover Corporation has a 12 month low of $176.40 and a 12 month high of $237.54. The company has a fifty day simple moving average of $194.44 and a 200 day simple moving average of $209.68. The stock has a market cap of $28.38 billion, a P/E ratio of 24.87, a P/E/G ratio of 1.86 and a beta of 1.10.

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

Dover Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a dividend of $0.5250 per share. The ex-dividend date was Monday, August 31st. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.0%. Dover's dividend payout ratio (DPR) is 24.48%.

Dover Profile

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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