Mirae Asset Global Investments Co. Ltd. Grows Position in Dover Corporation $DOV

Key Points

• Mirae Asset raised its stake in Dover by 19.9% to 30,875 shares (worth $6.03M), and several other institutions increased positions, leaving institutional ownership at about 84.46%.
• Insider selling was significant: CEO Richard J. Tobin sold 76,997 shares for roughly $17.9M (a 26.1% reduction in his holding), and insiders have sold 82,497 shares totaling about $19.2M over the past 90 days, leaving insiders with ~1.10% ownership.
• Wall Street is broadly positive with a consensus "Moderate Buy" and an average price target of $229.38; Dover posted a slight Q4 beat (EPS $2.51 vs. $2.48) and pays a $0.52 quarterly dividend (annual $2.08, ~0.9% yield).

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 19.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,875 shares of the industrial products company's stock after buying an additional 5,129 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Dover were worth $6,028,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. LBP AM SA grew its holdings in shares of Dover by 82.4% during the fourth quarter. LBP AM SA now owns 7,657 shares of the industrial products company's stock worth $1,495,000 after buying an additional 3,458 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Dover during the fourth quarter worth $217,000. Annex Advisory Services LLC grew its holdings in shares of Dover by 27.5% during the fourth quarter. Annex Advisory Services LLC now owns 2,968 shares of the industrial products company's stock worth $580,000 after buying an additional 641 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Dover by 996.6% during the fourth quarter. Farther Finance Advisors LLC now owns 9,738 shares of the industrial products company's stock worth $1,901,000 after buying an additional 8,850 shares in the last quarter. Finally, Sage Mountain Advisors LLC purchased a new stake in shares of Dover during the fourth quarter worth $249,000. Hedge funds and other institutional investors own 84.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on DOV. Barclays set a $206.00 target price on shares of Dover in a report on Monday, February 2nd. Citigroup upped their price objective on shares of Dover from $231.00 to $253.00 and gave the company a "buy" rating in a report on Monday, April 13th. 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 issued a $224.00 price objective on shares of Dover in a report on Saturday, January 31st. Finally, UBS Group set a $256.00 price objective on shares of Dover and gave the company a "buy" rating in a report on Sunday, January 4th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $229.38.

Insider Activity at Dover

In related news, CEO Richard J. Tobin sold 76,997 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $232.70, for a total value of $17,917,201.90. Following the sale, the chief executive officer owned 217,979 shares of the company's stock, valued at $50,723,713.30. This trade represents a 26.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $346,155.00. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 82,497 shares of company stock valued at $19,196,277 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Dover Stock Up 1.3%

Shares of DOV opened at $222.02 on Tuesday. The stock has a market capitalization of $29.93 billion, a PE ratio of 27.96, a P/E/G ratio of 1.69 and a beta of 1.25. Dover Corporation has a 1 year low of $155.45 and a 1 year high of $237.54. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.79. The company's 50-day simple moving average is $217.54 and its 200-day simple moving average is $199.82.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.03. The business had revenue of $2.10 billion for the quarter, compared to analysts' expectations of $2.09 billion. Dover had a net margin of 13.52% and a return on equity of 17.87%. The business's quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.20 earnings per share. Analysts forecast that Dover Corporation will post 10.55 earnings per share for the current fiscal year.

Dover Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $2.08 annualized dividend and a yield of 0.9%. Dover's dividend payout ratio (DPR) is 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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