Dover Corporation $DOV Stock Position Lessened by Assetmark Inc.

Key Points

• Assetmark Inc. cut its stake in Dover Corporation by 9.5%, selling 5,931 shares and leaving it with 56,233 shares valued at about $10.98 million.
• Several major institutions — including State Street, Wellington, Franklin, Fisher and Dimensional — increased their Dover holdings, and institutional investors now own 84.46% of the company.
• Analyst sentiment is positive with an average rating of Moderate Buy and an average target of $228.62, while firms like JPMorgan and Robert W. Baird have raised price targets to $240 and $255 respectively.

Assetmark Inc. decreased its position in Dover Corporation (NYSE:DOV - Free Report) by 9.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,233 shares of the industrial products company's stock after selling 5,931 shares during the quarter. Assetmark Inc.'s holdings in Dover were worth $10,979,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of DOV. State Street Corp lifted its holdings in shares of Dover by 1.3% during the third quarter. State Street Corp now owns 6,533,361 shares of the industrial products company's stock valued at $1,089,961,000 after purchasing an additional 86,212 shares during the last quarter. Wellington Management Group LLP lifted its stake in Dover by 16.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,130,657 shares of the industrial products company's stock worth $355,458,000 after acquiring an additional 294,856 shares in the last quarter. Franklin Resources Inc. lifted its stake in Dover by 13.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,664,306 shares of the industrial products company's stock worth $277,656,000 after acquiring an additional 193,878 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Dover by 4.3% in the 3rd quarter. Fisher Asset Management LLC now owns 1,633,133 shares of the industrial products company's stock worth $272,456,000 after acquiring an additional 67,588 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Dover by 7.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,551,013 shares of the industrial products company's stock worth $258,750,000 after acquiring an additional 112,981 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wall Street Zen raised Dover from a "hold" rating to a "buy" rating in a research note on Saturday, February 28th. JPMorgan Chase & Co. increased their price objective on Dover from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Friday, January 30th. Morgan Stanley set a $210.00 price objective on Dover in a research note on Wednesday, February 4th. Robert W. Baird set a $255.00 price objective on Dover in a research note on Friday, January 30th. Finally, Wells Fargo & Company raised Dover from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $210.00 to $230.00 in a research note on Tuesday, March 17th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Dover currently has an average rating of "Moderate Buy" and an average target price of $228.62.

Insider Buying and Selling at Dover

In other news, SVP Ivonne M. Cabrera sold 4,000 shares of Dover stock in a transaction 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 sale, the senior vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Girish Juneja sold 1,500 shares of Dover stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $230.77, for a total value of $346,155.00. Following the completion of the sale, the vice president directly owned 8,422 shares of the company's stock, valued at $1,943,544.94. This trade represents a 15.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 82,497 shares of company stock worth $19,196,277. 1.10% of the stock is currently owned by insiders.

Dover Price Performance

Dover stock opened at $218.82 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.79 and a quick ratio of 1.28. The company has a market capitalization of $29.50 billion, a PE ratio of 27.56, a price-to-earnings-growth ratio of 1.65 and a beta of 1.25. Dover Corporation has a one year low of $155.45 and a one year high of $237.54. The business has a 50 day simple moving average of $217.60 and a 200 day simple moving average of $198.97.

Dover (NYSE:DOV - Get Free Report) last posted its earnings results on Thursday, January 29th. The industrial products company reported $2.51 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the company earned $2.20 EPS. Dover's revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts forecast that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.52 dividend. The ex-dividend date was Friday, February 27th. This represents a $2.08 annualized dividend and a yield of 1.0%. Dover's payout ratio is presently 26.20%.

About Dover

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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