JPMorgan Chase & Co. increased its position in shares of Dover Corp. (NYSE:DOV) by 22.0% during the third quarter, Holdings Channel reports. The institutional investor owned 3,649,354 shares of the company’s stock after buying an additional 656,989 shares during the period. JPMorgan Chase & Co.’s holdings in Dover Corp. were worth $268,738,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of DOV. Bank of Montreal Can bought a new stake in shares of Dover Corp. during the second quarter worth $116,346,000. Bank of New York Mellon Corp raised its stake in shares of Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock worth $226,877,000 after buying an additional 580,562 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Dover Corp. by 130.1% in the second quarter. Lord Abbett & CO. LLC now owns 933,861 shares of the company’s stock worth $64,736,000 after buying an additional 527,939 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock worth $1,008,965,000 after buying an additional 393,727 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Dover Corp. by 643.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 413,956 shares of the company’s stock worth $28,695,000 after buying an additional 358,291 shares in the last quarter. 84.08% of the stock is owned by institutional investors and hedge funds.
Dover Corp. (NYSE:DOV) opened at 70.73 on Tuesday. The stock’s 50 day moving average is $68.80 and its 200 day moving average is $70.09. The firm has a market capitalization of $10.99 billion, a price-to-earnings ratio of 22.66 and a beta of 1.18. Dover Corp. has a 1-year low of $50.91 and a 1-year high of $74.90.
Dover Corp. (NYSE:DOV) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.01. Dover Corp. had a net margin of 7.29% and a return on equity of 12.93%. The company earned $1.71 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the company posted $1.14 earnings per share. Dover Corp.’s revenue for the quarter was down 4.5% compared to the same quarter last year. Analysts predict that Dover Corp. will post $3.02 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, November 28th. Dover Corp.’s dividend payout ratio (DPR) is presently 56.05%.
A number of analysts have commented on DOV shares. Bank of America Corp. reaffirmed a “buy” rating and set a $85.00 target price on shares of Dover Corp. in a report on Thursday, October 6th. Zacks Investment Research raised shares of Dover Corp. from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a report on Wednesday, October 5th. Stifel Nicolaus lifted their target price on shares of Dover Corp. from $65.00 to $72.00 and gave the stock a “hold” rating in a report on Thursday, October 20th. Susquehanna started coverage on shares of Dover Corp. in a report on Friday, October 7th. They set a “neutral” rating and a $77.00 target price for the company. Finally, Barclays PLC set a $68.00 target price on shares of Dover Corp. and gave the stock a “hold” rating in a report on Tuesday, October 11th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $72.18.
In other Dover Corp. news, VP Sandra A. Arkell sold 565 shares of the firm’s stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $68.73, for a total value of $38,832.45. Following the completion of the sale, the vice president now directly owns 2,216 shares in the company, valued at $152,305.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jay L. Kloosterboer sold 11,501 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $70.25, for a total transaction of $807,945.25. Following the completion of the sale, the insider now owns 64,615 shares of the company’s stock, valued at $4,539,203.75. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Dover Corp. Company Profile
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.