Dover Co. (NYSE:DOV) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its stake in Dover Co. (NYSE:DOV) by 14.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 92,629 shares of the industrial products company’s stock after selling 16,071 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Dover were worth $17,761,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. LRI Investments LLC purchased a new position in shares of Dover during the first quarter worth $27,000. McClarren Financial Advisors Inc. boosted its holdings in Dover by 4,400.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 180 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 176 shares during the period. Fairscale Capital LLC purchased a new position in Dover during the 2nd quarter valued at about $34,000. Transcendent Capital Group LLC grew its position in Dover by 208.0% in the 1st quarter. Transcendent Capital Group LLC now owns 231 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 156 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Dover during the second quarter worth about $41,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on DOV shares. Wolfe Research upgraded shares of Dover to a “hold” rating in a report on Friday, September 20th. Mizuho boosted their price target on shares of Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Royal Bank of Canada upped their price objective on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Barclays lifted their target price on Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird restated an “outperform” rating and set a $208.00 price target on shares of Dover in a report on Monday, July 22nd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $194.00.

Dover Stock Up 1.3 %

Shares of NYSE DOV traded up $2.44 during midday trading on Monday, hitting $193.13. 194,159 shares of the company’s stock were exchanged, compared to its average volume of 973,641. The firm’s fifty day simple moving average is $183.69 and its 200-day simple moving average is $181.16. The company has a market cap of $26.54 billion, a PE ratio of 18.36, a P/E/G ratio of 2.20 and a beta of 1.22. Dover Co. has a twelve month low of $127.25 and a twelve month high of $194.75. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. Dover had a net margin of 17.58% and a return on equity of 24.94%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter last year, the company earned $2.05 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. Research analysts predict that Dover Co. will post 9.18 EPS for the current fiscal year.

Dover Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.515 per share. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date was Friday, August 30th. This represents a $2.06 annualized dividend and a yield of 1.07%. Dover’s payout ratio is 19.79%.

Insider Buying and Selling at Dover

In related news, SVP Ivonne M. Cabrera sold 1,220 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the sale, the senior vice president now owns 47,060 shares in the company, valued at $8,706,100. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total transaction of $801,305.19. Following the completion of the sale, the chief financial officer now owns 12,324 shares in the company, valued at $2,274,887.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the transaction, the senior vice president now owns 47,060 shares in the company, valued at approximately $8,706,100. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,383 shares of company stock worth $8,169,883. 1.30% of the stock is owned by insiders.

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.