Franklin Resources Inc. Purchases 193,878 Shares of Dover Corporation $DOV

Key Points

• Franklin Resources increased its stake in Dover by 13.2% in the third quarter, adding 193,878 shares to hold 1,664,306 shares (about 1.21% ownership) worth roughly $277.66 million.
• Dover beat quarterly expectations with EPS of $2.51 (vs. $2.48 consensus) and revenue of $2.10 billion, up 8.8% year-over-year, while analysts project roughly 9.45 EPS for the current fiscal year.
• Company insiders sold about 82,497 shares in the last quarter — notably CEO Richard J. Tobin sold 76,997 shares for approximately $17.9 million — leaving insiders with about 1.30% ownership.

Franklin Resources Inc. grew its position in shares of Dover Corporation (NYSE:DOV - Free Report) by 13.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,664,306 shares of the industrial products company's stock after acquiring an additional 193,878 shares during the quarter. Franklin Resources Inc. owned about 1.21% of Dover worth $277,656,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of DOV. Machina Capital S.A.S. lifted its holdings in shares of Dover by 91.8% in the 3rd quarter. Machina Capital S.A.S. now owns 16,834 shares of the industrial products company's stock valued at $2,808,000 after acquiring an additional 8,055 shares during the last quarter. Generali Asset Management SPA SGR raised its position in Dover by 103.4% during the third quarter. Generali Asset Management SPA SGR now owns 16,020 shares of the industrial products company's stock valued at $2,673,000 after purchasing an additional 8,145 shares during the period. Advisory Resource Group boosted its holdings in shares of Dover by 7.7% in the 2nd quarter. Advisory Resource Group now owns 28,732 shares of the industrial products company's stock worth $5,264,000 after purchasing an additional 2,047 shares during the period. SG Americas Securities LLC increased its position in shares of Dover by 1,644.9% during the 3rd quarter. SG Americas Securities LLC now owns 26,749 shares of the industrial products company's stock valued at $4,463,000 after purchasing an additional 25,216 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Dover by 17.3% during the 3rd quarter. Federated Hermes Inc. now owns 43,300 shares of the industrial products company's stock valued at $7,224,000 after buying an additional 6,399 shares during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

Dover Price Performance

DOV opened at $203.69 on Friday. The company has a market capitalization of $27.47 billion, a price-to-earnings ratio of 25.65, a PEG ratio of 1.61 and a beta of 1.27. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.35. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $237.54. The business's fifty day simple moving average is $214.95 and its 200-day simple moving average is $192.29.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, beating 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 firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the company posted $2.20 earnings per share. The firm's quarterly revenue was up 8.8% on a year-over-year basis. On average, equities research analysts anticipate that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup reiterated a "buy" rating on shares of Dover in a research report on Monday, January 12th. Royal Bank Of Canada increased their price objective on shares of Dover from $199.00 to $209.00 and gave the stock a "sector perform" rating in a research report on Friday, January 30th. UBS Group set a $256.00 target price on Dover and gave the company a "buy" rating in a research report on Sunday, January 4th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $224.00 target price on shares of Dover in a research note on Saturday, January 31st. Finally, BNP Paribas Exane started coverage on Dover in a report on Thursday, December 4th. They issued a "neutral" rating and a $195.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $224.00.

Insider Transactions at Dover

In other news, VP Girish Juneja sold 1,500 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $230.77, for a total transaction of $346,155.00. Following the transaction, the vice president directly owned 8,422 shares in the company, valued at approximately $1,943,544.94. This trade represents a 15.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief executive officer directly owned 217,979 shares in the company, valued at approximately $50,723,713.30. The trade was a 26.10% decrease in their ownership of the stock. 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. Company insiders own 1.30% of the company's stock.

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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