Sumitomo Mitsui Trust Group Inc. Sells 14,354 Shares of Dover Corporation $DOV

Key Points

• Sumitomo Mitsui Trust Group trimmed its Dover stake by 4.0%, selling 14,354 shares and finishing the quarter with 346,409 shares valued at about $67.63 million.
• Insider selling is notable: CEO Richard J. Tobin sold 76,997 shares for roughly $17.9 million, and insiders have sold 82,497 shares (≈$19.2 million) in the past 90 days, leaving insiders with 1.10% ownership.
• Analyst sentiment and results: Dover carries an average "Moderate Buy" rating with a $228.62 target, and recently beat quarterly EPS estimates while reporting revenue up 8.8% year-over-year.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Dover Corporation (NYSE:DOV - Free Report) by 4.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 346,409 shares of the industrial products company's stock after selling 14,354 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Dover worth $67,633,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its position in shares of Dover by 1.3% in 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 acquiring an additional 86,212 shares during the period. Wellington Management Group LLP increased its holdings in Dover by 16.1% during 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 during the period. 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 purchasing an additional 193,878 shares in the last quarter. Fisher Asset Management LLC boosted its holdings 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 valued at $272,456,000 after purchasing an additional 67,588 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Dover by 7.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,551,013 shares of the industrial products company's stock valued at $258,750,000 after purchasing an additional 112,981 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on DOV shares. Morgan Stanley set a $210.00 price target on shares of Dover in a report on Wednesday, February 4th. Wall Street Zen upgraded Dover from a "hold" rating to a "buy" rating in a research report on Saturday, February 28th. BMO Capital Markets began coverage on Dover in a research note on Friday, March 27th. They issued a "market perform" rating and a $237.00 target price on the stock. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $224.00 price target on shares of Dover in a report on Saturday, January 31st. Finally, Citigroup boosted their price objective on Dover from $231.00 to $253.00 and gave the stock a "buy" rating in a report on Monday. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $228.62.

Dover Stock Down 0.3%

Shares of NYSE:DOV opened at $218.48 on Wednesday. The firm has a fifty day moving average of $217.84 and a 200 day moving average of $198.38. Dover Corporation has a 52-week low of $155.45 and a 52-week 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 firm has a market capitalization of $29.45 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 1.69 and a beta of 1.25.

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 firm had revenue of $2.10 billion during 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 company's revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.20 earnings per share. As a group, research analysts anticipate that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid 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 1.0%. Dover's dividend payout ratio is currently 26.20%.

Insider Buying and Selling at Dover

In other Dover news, CEO Richard J. Tobin sold 76,997 shares of the 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 $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 at this hyperlink. 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 transaction of $932,920.00. Following the completion of the sale, the senior vice president owned 72,188 shares of the company's stock, valued at approximately $16,836,407.24. The trade was a 5.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 82,497 shares of company stock worth $19,196,277 over the last ninety days. Insiders own 1.10% of the company's stock.

Dover Company 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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