Dover Corporation $DOV Stock Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its Dover stake by 21.9% in the third quarter, selling 10,825 shares and retaining 38,556 shares valued at about $7.24 million.
• CEO Richard Tobin sold 86,440 shares at an average price of $214.86, reducing his direct stake by 28.88%.
• Dover beat quarterly earnings and revenue estimates, with earnings per share of $2.88 and revenue up 7.5% year over year. Analysts’ consensus rating is “Moderate Buy,” with a $238.60 average price target.

Candriam S.C.A. lessened its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 21.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,556 shares of the industrial products company's stock after selling 10,825 shares during the quarter. Candriam S.C.A.'s holdings in Dover were worth $7,238,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Dover during the 2nd quarter worth $2,347,134,000. Bank of New York Mellon Corp lifted its holdings in Dover by 5.2% during the first quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company's stock worth $631,806,000 after acquiring an additional 150,319 shares during the period. Bank of America Corp DE purchased a new position in Dover in the second quarter worth $625,375,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Dover by 2.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company's stock worth $217,433,000 after purchasing an additional 20,590 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in Dover in the 2nd quarter valued at $211,269,000. Institutional investors own 84.46% of the company's stock.

Insider Activity at Dover

In other news, CEO Richard Tobin sold 86,440 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $214.86, for a total transaction of $18,572,498.40. Following the completion of the transaction, the chief executive officer directly owned 212,855 shares in the company, valued at approximately $45,734,025.30. This represents a 28.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on DOV shares. Wall Street Zen cut Dover from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Robert W. Baird set a $258.00 target price on Dover in a research note on Friday, October 23rd. BMO Capital Markets upgraded Dover from a "market perform" rating to an "outperform" rating and dropped their target price for the stock from $255.00 to $240.00 in a research report on Friday, July 24th. Weiss Ratings lowered shares of Dover from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, September 2nd. Finally, Royal Bank Of Canada boosted their price target on shares of Dover from $216.00 to $219.00 and gave the company a "sector perform" rating in a research report on Friday, October 23rd. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Dover has a consensus rating of "Moderate Buy" and a consensus price target of $238.60.

Dover Stock Performance

Shares of DOV opened at $212.83 on Tuesday. The business has a 50-day simple moving average of $194.92 and a two-hundred day simple moving average of $209.73. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.34. The stock has a market cap of $28.31 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 1.83 and a beta of 1.10. Dover Corporation has a 52 week low of $177.87 and a 52 week high of $237.54.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.85 by $0.03. Dover had a net margin of 13.60% and a return on equity of 18.68%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period last year, the firm earned $2.62 EPS. The company's revenue was up 7.5% on a year-over-year basis. On average, analysts expect that Dover Corporation will post 10.73 EPS for the current year.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be given a $0.5250 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Monday, November 30th. Dover's payout ratio is currently 24.48%.

Dover Company Profile

Dover Corporation is a diversified manufacturer of equipment and components for industrial and commercial markets. Founded in 1955, the company has grown through a combination of product development and acquisitions and serves customers around the world.

Dover's businesses operate across areas including engineered products, clean energy and fueling, imaging and identification, pumps and process solutions, and climate and sustainability technologies. Its products include fueling and vehicle-service equipment, pumps and fluid-handling systems, packaging and marking equipment, and components used in industrial and commercial applications.

The company serves a broad range of end markets, including manufacturing, transportation, energy, food and beverage, and retail.

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