Victory Capital Management Inc. Increases Holdings in Dover Corporation $DOV

Key Points

• Victory Capital Management increased its stake in Dover by 6.2% in Q3 to 171,557 shares (about $28.62M), and institutional investors now own roughly 84.46% of the company.
• CEO Richard J. Tobin sold 76,997 shares for about $17.9M and insiders have sold a total of 82,497 shares (~$19.2M) in the last 90 days, leaving insiders with approximately 1.20% ownership.
• Analysts hold a consensus of "Moderate Buy" with an average price target of $224 after several target upgrades, and Dover slightly beat Q4 EPS and revenue estimates with revenue up 8.8% year-over-year.

Victory Capital Management Inc. lifted its position in Dover Corporation (NYSE:DOV - Free Report) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,557 shares of the industrial products company's stock after buying an additional 10,061 shares during the period. Victory Capital Management Inc. owned approximately 0.13% of Dover worth $28,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Machina Capital S.A.S. grew its position in Dover by 91.8% during the third quarter. Machina Capital S.A.S. now owns 16,834 shares of the industrial products company's stock valued at $2,808,000 after buying an additional 8,055 shares during the period. Generali Asset Management SPA SGR grew its position in shares of Dover by 103.4% during the 3rd quarter. Generali Asset Management SPA SGR now owns 16,020 shares of the industrial products company's stock valued at $2,673,000 after acquiring an additional 8,145 shares during the period. Advisory Resource Group raised its holdings in 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 lifted its position in Dover by 1,644.9% during the third 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 in the last quarter. Finally, Federated Hermes Inc. increased its position in Dover by 17.3% in the third quarter. Federated Hermes Inc. now owns 43,300 shares of the industrial products company's stock worth $7,224,000 after buying an additional 6,399 shares in the last quarter. Institutional investors own 84.46% of the company's stock.

Analyst Upgrades and Downgrades

DOV has been the topic of a number of analyst reports. Royal Bank Of Canada lifted their price objective on Dover from $199.00 to $209.00 and gave the company a "sector perform" rating in a research report on Friday, January 30th. The Goldman Sachs Group restated a "buy" rating and set a $224.00 target price on shares of Dover in a research note on Saturday, January 31st. Oppenheimer lifted their price target on shares of Dover from $228.00 to $232.00 and gave the company an "outperform" rating in a report on Monday, January 26th. Wells Fargo & Company upped their price target on shares of Dover from $205.00 to $210.00 and gave the stock an "equal weight" rating in a research report on Friday, January 30th. Finally, Robert W. Baird set a $255.00 price objective on shares of Dover in a research report on Friday, January 30th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $224.00.

Insiders Place Their Bets

In other Dover news, CEO Richard J. Tobin sold 76,997 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 217,979 shares of the company's stock, valued at $50,723,713.30. This represents a 26.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ivonne M. Cabrera sold 4,000 shares of the firm's stock in a transaction dated Tuesday, February 17th. The shares were 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. The trade was a 5.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 82,497 shares of company stock worth $19,196,277 in the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

Dover Stock Down 3.3%

Shares of DOV opened at $208.51 on Monday. The business's 50 day moving average is $213.98 and its 200 day moving average is $191.65. 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 company has a market capitalization of $28.12 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 1.60 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly 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 business had revenue of $2.10 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted $2.20 EPS. Research analysts expect that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, February 27th. Dover's payout ratio is currently 26.20%.

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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