Dover Co. (NYSE:DOV) Stake Trimmed by Gradient Investments LLC

Gradient Investments LLC reduced its position in shares of Dover Co. (NYSE:DOV - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,173 shares of the industrial products company's stock after selling 8,718 shares during the quarter. Gradient Investments LLC owned 0.07% of Dover worth $17,927,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of DOV. Norges Bank purchased a new position in Dover during the fourth quarter valued at approximately $175,275,000. Adage Capital Partners GP L.L.C. boosted its position in Dover by 160.2% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,428,710 shares of the industrial products company's stock valued at $199,319,000 after purchasing an additional 879,533 shares during the last quarter. Wellington Management Group LLP grew its stake in Dover by 2,173.8% in the third quarter. Wellington Management Group LLP now owns 817,125 shares of the industrial products company's stock valued at $113,997,000 after purchasing an additional 781,189 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Dover by 15.4% during the 4th quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company's stock worth $567,426,000 after purchasing an additional 492,577 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Dover by 10.5% in the 3rd quarter. FMR LLC now owns 2,390,670 shares of the industrial products company's stock valued at $333,522,000 after buying an additional 226,646 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Stock Performance

DOV stock traded up $1.44 during trading on Friday, reaching $178.99. 1,273,495 shares of the stock were exchanged, compared to its average volume of 1,097,850. The stock has a 50 day simple moving average of $173.44 and a 200-day simple moving average of $155.62. The company has a current ratio of 1.31, a quick ratio of 0.89 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $24.60 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. Dover Co. has a twelve month low of $127.25 and a twelve month high of $182.33.

Dover (NYSE:DOV - Get Free Report) last issued its earnings results on Thursday, April 25th. The industrial products company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.88 by $0.07. Dover had a return on equity of 25.04% and a net margin of 17.28%. The firm had revenue of $2.09 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same period last year, the business earned $1.94 earnings per share. Dover's quarterly revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Dover Co. will post 9.1 earnings per share for the current year.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.14%. Dover's payout ratio is 19.60%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DOV. Citigroup raised their price objective on shares of Dover from $180.00 to $205.00 and gave the company a "buy" rating in a research report on Monday, April 8th. Seaport Res Ptn raised shares of Dover from a "neutral" rating to a "buy" rating in a research report on Monday, February 5th. StockNews.com raised shares of Dover from a "hold" rating to a "buy" rating in a report on Friday, April 26th. Wells Fargo & Company lifted their target price on shares of Dover from $177.00 to $190.00 and gave the stock an "equal weight" rating in a report on Friday, April 26th. Finally, Robert W. Baird lifted their price objective on Dover from $185.00 to $208.00 and gave the stock an "outperform" rating in a research note on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $185.75.

Insider Activity

In other Dover news, CFO Brad M. Cerepak sold 18,410 shares of the company's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $163.01, for a total value of $3,001,014.10. Following the sale, the chief financial officer now directly owns 23,909 shares in the company, valued at $3,897,406.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Stephen M. Todd sold 1,500 shares of Dover stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $171.19, for a total value of $256,785.00. Following the completion of the transaction, the director now owns 22,955 shares in the company, valued at $3,929,666.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 18,410 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $163.01, for a total value of $3,001,014.10. Following the sale, the chief financial officer now owns 23,909 shares in the company, valued at $3,897,406.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,910 shares of company stock worth $4,318,059. Company insiders own 1.30% of the company's stock.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.

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