Cornerstone Wealth Management LLC Grows Position in Dover Co. (NYSE:DOV)

Cornerstone Wealth Management LLC grew its stake in shares of Dover Co. (NYSE:DOV) by 2.5% during the third quarter, HoldingsChannel.com reports. The fund owned 26,137 shares of the industrial products company’s stock after buying an additional 630 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Dover were worth $5,012,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in shares of Dover by 50.7% during the 4th quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock valued at $189,433,000 after buying an additional 414,481 shares during the period. Quadrature Capital Ltd bought a new position in Dover in the fourth quarter valued at about $1,006,000. HighPoint Advisor Group LLC purchased a new position in Dover in the fourth quarter worth about $623,000. Nomura Holdings Inc. increased its position in shares of Dover by 289.4% during the 4th quarter. Nomura Holdings Inc. now owns 9,483 shares of the industrial products company’s stock valued at $1,459,000 after purchasing an additional 7,048 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Dover by 2.7% in the 1st quarter. CWM LLC now owns 2,456 shares of the industrial products company’s stock worth $435,000 after purchasing an additional 65 shares during the period. 84.46% of the stock is currently owned by institutional investors.

Dover Stock Up 0.8 %

NYSE DOV opened at $192.79 on Thursday. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55. Dover Co. has a 12 month low of $127.25 and a 12 month high of $194.75. The stock’s 50 day moving average is $184.85 and its 200 day moving average is $181.45. The stock has a market cap of $26.50 billion, a PE ratio of 18.52, a P/E/G ratio of 2.20 and a beta of 1.22.

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

Dover Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $0.515 dividend. This represents a $2.06 annualized dividend and a dividend yield of 1.07%. This is a boost from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, August 30th. Dover’s payout ratio is 19.79%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company increased their price target 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. Royal Bank of Canada boosted their price target on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Oppenheimer reaffirmed an “outperform” rating and set a $215.00 price objective (up from $210.00) on shares of Dover in a research report on Wednesday. Barclays increased their target price on shares of Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Mizuho lifted their price target on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Four 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 has a consensus rating of “Moderate Buy” and an average price target of $196.25.

Insider Buying and Selling

In other Dover news, CFO Brad M. Cerepak sold 14,818 shares of Dover stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $175.00, for a total value of $2,593,150.00. Following the sale, the chief financial officer now owns 12,324 shares of the company’s stock, valued at $2,156,700. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other 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 value of $225,700.00. Following the sale, the senior vice president now owns 47,060 shares of the company’s stock, valued at approximately $8,706,100. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brad M. Cerepak sold 14,818 shares of Dover 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 of the company’s stock, valued at approximately $2,156,700. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,383 shares of company stock worth $8,169,883. Corporate 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.