Avity Investment Management Inc. Cuts Stock Holdings in Dover Co. (NYSE:DOV)

Avity Investment Management Inc. trimmed its position in shares of Dover Co. (NYSE:DOV) by 4.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,268 shares of the industrial products company’s stock after selling 100 shares during the quarter. Avity Investment Management Inc.’s holdings in Dover were worth $435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Dover by 153.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock worth $466,622,000 after purchasing an additional 1,595,611 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Dover by 162.2% in the second quarter. American Century Companies Inc. now owns 688,249 shares of the industrial products company’s stock worth $124,195,000 after acquiring an additional 425,768 shares during the period. Wellington Management Group LLP grew its position in shares of Dover by 50.7% in the fourth quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock valued at $189,433,000 after purchasing an additional 414,481 shares in the last quarter. Interval Partners LP raised its stake in shares of Dover by 110.0% during the 2nd quarter. Interval Partners LP now owns 583,075 shares of the industrial products company’s stock valued at $105,216,000 after purchasing an additional 305,436 shares during the period. Finally, Kimelman & Baird LLC purchased a new stake in Dover during the 2nd quarter worth about $17,323,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Mizuho boosted their price objective on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Royal Bank of Canada raised their price objective on shares of Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Wells Fargo & Company upped their target price on shares of Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Robert W. Baird restated an “outperform” rating and set a $208.00 price target on shares of Dover in a research report on Monday, July 22nd. Finally, Wolfe Research upgraded Dover to a “hold” rating in a report on Friday, September 20th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Dover has a consensus rating of “Moderate Buy” and an average target price of $194.00.

Insider Activity at Dover

In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 182,928 shares in the company, valued at approximately $33,285,578.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Richard J. Tobin sold 25,004 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total value of $4,549,727.84. Following the completion of the transaction, the chief executive officer now owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total value of $801,305.19. Following the completion of the sale, the chief financial officer now directly owns 12,324 shares in the company, valued at approximately $2,274,887.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,383 shares of company stock worth $8,169,883 over the last quarter. Corporate insiders own 1.30% of the company’s stock.

Dover Trading Up 2.2 %

Shares of NYSE DOV traded up $4.07 during mid-day trading on Friday, hitting $190.69. The stock had a trading volume of 1,497,520 shares, compared to its average volume of 977,140. The firm has a market cap of $26.21 billion, a P/E ratio of 18.32, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 1.53. The business has a 50 day moving average price of $183.69 and a two-hundred day moving average price of $181.08. Dover Co. has a 1 year low of $127.25 and a 1 year high of $194.75.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.21 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. Dover had a net margin of 17.58% and a return on equity of 24.94%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.05 earnings per share. On average, equities analysts anticipate that Dover Co. will post 9.18 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.515 dividend. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.08%. Dover’s dividend payout ratio (DPR) is presently 19.79%.

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.