Magnetar Financial LLC Reduces Position in Dover Corporation $DOV

Key Points

• Magnetar Financial LLC cut its stake in Dover by 54.8% in Q3, selling 24,586 shares and leaving it with 20,318 shares valued at about $3.39 million.
• Company insiders have been net sellers, offloading 82,497 shares worth roughly $19.2 million in the last 90 days (including sales by the VP and SVP); insiders now own 1.30% of the stock.
• Dover slightly beat quarterly estimates (EPS $2.51 vs. $2.48) with revenue up 8.8% YoY, announced a quarterly dividend of $0.52 (1.0% yield), and carries a consensus rating of “Moderate Buy” with a $224 price target.

Magnetar Financial LLC decreased its holdings in Dover Corporation (NYSE:DOV - Free Report) by 54.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,318 shares of the industrial products company's stock after selling 24,586 shares during the quarter. Magnetar Financial LLC's holdings in Dover were worth $3,390,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can grew its stake in Dover by 247.0% during the 3rd quarter. Bank of Montreal Can now owns 380,326 shares of the industrial products company's stock valued at $63,450,000 after purchasing an additional 270,732 shares in the last quarter. Legal & General Group Plc raised its position in shares of Dover by 2.4% in the 3rd quarter. Legal & General Group Plc now owns 930,301 shares of the industrial products company's stock valued at $155,202,000 after purchasing an additional 21,786 shares in the last quarter. Banque Cantonale Vaudoise boosted its stake in shares of Dover by 2.6% during the 3rd quarter. Banque Cantonale Vaudoise now owns 6,930 shares of the industrial products company's stock valued at $1,156,000 after buying an additional 178 shares during the last quarter. Fieldview Capital Management LLC purchased a new position in shares of Dover during the 3rd quarter valued at approximately $1,541,000. Finally, Russell Investments Group Ltd. grew its position in shares of Dover by 23.8% during the third quarter. Russell Investments Group Ltd. now owns 110,043 shares of the industrial products company's stock worth $18,357,000 after buying an additional 21,160 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company's stock.

Insider Buying and Selling at Dover

In other Dover news, VP Girish Juneja sold 1,500 shares of the firm's stock in a transaction that occurred 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 sale, the vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ivonne M. Cabrera sold 4,000 shares of the business's 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 transaction, the senior vice president owned 72,188 shares of the company's stock, valued at approximately $16,836,407.24. This represents a 5.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 82,497 shares of company stock valued at $19,196,277 in the last ninety days. Company insiders own 1.30% of the company's stock.

Dover Trading Up 0.0%

NYSE:DOV opened at $210.27 on Thursday. The firm has a market capitalization of $28.36 billion, a P/E ratio of 26.48, a P/E/G ratio of 1.61 and a beta of 1.27. The business has a 50 day simple moving average of $214.77 and a 200 day simple moving average of $192.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.79 and a quick ratio of 1.28. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $237.54.

Dover (NYSE:DOV - Get Free Report) last issued its 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. The firm had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.09 billion. Dover had a return on equity of 17.87% and a net margin of 13.52%.The firm's revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the company earned $2.20 earnings per share. Equities research analysts predict that Dover Corporation will post 9.45 EPS for the current year.

Dover Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.52 dividend. The ex-dividend date is Friday, February 27th. This represents a $2.08 annualized dividend and a yield of 1.0%. Dover's dividend payout ratio (DPR) is currently 26.20%.

Analyst Ratings Changes

DOV has been the topic of several recent analyst reports. Wall Street Zen raised shares of Dover from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. The Goldman Sachs Group reissued a "buy" rating and set a $224.00 price objective on shares of Dover in a report on Saturday, January 31st. Citigroup restated a "buy" rating on shares of Dover in a research note on Monday, January 12th. Royal Bank Of Canada lifted their price target on Dover from $199.00 to $209.00 and gave the stock a "sector perform" rating in a research note on Friday, January 30th. Finally, UBS Group set a $256.00 price objective on Dover and gave the company a "buy" rating in a report on Sunday, January 4th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $224.00.

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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