Insider Selling: Dover (NYSE:DOV) CEO Sells 86,440 Shares of Stock

Key Points

• Dover CEO Richard Tobin sold 86,440 shares for about $18.6 million, reducing his direct stake by 28.88% to 212,855 shares.
• Dover’s latest quarterly results beat estimates: EPS was $2.88 versus $2.85 expected, while revenue reached $2.23 billion, up 7.5% year over year.
• Analysts rate Dover a “Moderate Buy,” with an average price target of $238.60; the company also raised its quarterly dividend from $0.52 to $0.525 per share.

Dover Corporation (NYSE:DOV - Get Free Report) CEO Richard Tobin sold 86,440 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $214.86, for a total value of $18,572,498.40. Following the sale, the chief executive officer directly owned 212,855 shares in the company, valued at approximately $45,734,025.30. The trade was a 28.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Dover Price Performance

Dover stock traded down $2.55 during midday trading on Tuesday, reaching $213.36. 1,444,064 shares of the company were exchanged, compared to its average volume of 1,175,551. The company has a market capitalization of $28.38 billion, a price-to-earnings ratio of 24.87, a P/E/G ratio of 1.79 and a beta of 1.10. The firm's 50-day simple moving average is $194.24 and its 200-day simple moving average is $209.64. Dover Corporation has a 1 year low of $176.40 and a 1 year high of $237.54. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.95.

Dover (NYSE:DOV - Get Free Report) last announced its earnings results on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.03. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.22 billion. Dover had a net margin of 13.60% and a return on equity of 18.68%. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.62 EPS. On average, analysts anticipate that Dover Corporation will post 10.72 EPS for the current year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were given a $0.5250 dividend. This is a boost from Dover's previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, August 31st. Dover's dividend payout ratio (DPR) is presently 24.48%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Dover during the second quarter worth approximately $2,347,134,000. Bank of New York Mellon Corp increased its holdings in shares of Dover by 5.2% during the 1st quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company's stock worth $631,806,000 after buying an additional 150,319 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Dover in the 2nd quarter worth $625,375,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Dover by 2.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company's stock worth $217,433,000 after buying an additional 20,590 shares during the period. Finally, Hsbc Holdings PLC purchased a new position in shares of Dover in the 2nd quarter worth $211,269,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on DOV shares. Wall Street Zen lowered shares of Dover from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Citigroup lifted their target price on shares of Dover from $266.00 to $268.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. Wolfe Research reiterated an "outperform" rating and issued a $262.00 price target on shares of Dover in a report on Thursday, July 9th. Mizuho reduced their price target on Dover from $270.00 to $245.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. Finally, Robert W. Baird set a $258.00 price objective on Dover in a report on Friday, October 23rd. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Dover presently has an average rating of "Moderate Buy" and an average price target of $238.60.

Dover Company Profile

Dover Corporation NYSE: DOV is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.

The company's products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.