Stock Yards Bank & Trust Co. Cuts Stock Position in Dover Co. (NYSE:DOV)

Stock Yards Bank & Trust Co. trimmed its position in Dover Co. (NYSE:DOV) by 11.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,861 shares of the industrial products company’s stock after selling 2,913 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Dover were worth $3,945,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Avantax Advisory Services Inc. acquired a new position in shares of Dover during the fourth quarter worth about $247,000. ING Groep NV boosted its holdings in Dover by 648.1% in the 4th quarter. ING Groep NV now owns 19,151 shares of the industrial products company’s stock valued at $2,946,000 after purchasing an additional 16,591 shares in the last quarter. Norges Bank acquired a new position in Dover during the 4th quarter worth approximately $175,275,000. Coldstream Capital Management Inc. raised its stake in shares of Dover by 17.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,938 shares of the industrial products company’s stock worth $452,000 after buying an additional 447 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in shares of Dover by 15.9% in the 4th quarter. Corient Private Wealth LLC now owns 1,150,063 shares of the industrial products company’s stock valued at $176,891,000 after buying an additional 157,614 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Dover Price Performance

Shares of NYSE:DOV opened at $186.77 on Tuesday. Dover Co. has a one year low of $127.25 and a one year high of $192.31. The stock has a market cap of $25.67 billion, a PE ratio of 17.94, a price-to-earnings-growth ratio of 2.17 and a beta of 1.22. The business’s fifty day moving average price is $181.14 and its two-hundred day moving average price is $179.00. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 1.53.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.05 EPS. On average, analysts forecast that Dover Co. will post 9.17 EPS for the current fiscal year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.515 per share. The ex-dividend date was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.10%. This is a positive change from Dover’s previous quarterly dividend of $0.51. Dover’s dividend payout ratio (DPR) is 19.79%.

Analysts Set New Price Targets

Several brokerages have commented on DOV. Robert W. Baird restated an “outperform” rating and set a $208.00 target price on shares of Dover in a research report on Monday, July 22nd. Royal Bank of Canada boosted their price target on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Finally, Mizuho raised their price objective on Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Dover currently has an average rating of “Moderate Buy” and an average price target of $192.63.

Insiders Place Their Bets

In other Dover news, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the transaction, the chief financial officer now owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the transaction, the chief financial officer now directly owns 12,324 shares in the company, valued at $2,156,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total value of $4,549,727.84. Following the completion of the sale, the chief executive officer now owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The disclosure for this sale can be found here. In the last three months, insiders sold 45,383 shares of company stock valued at $8,169,883. 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.