Essex Financial Services Inc. Sells 165 Shares of Dover Co. (NYSE:DOV)

Essex Financial Services Inc. trimmed its stake in Dover Co. (NYSE:DOV) by 5.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,637 shares of the industrial products company’s stock after selling 165 shares during the period. Essex Financial Services Inc.’s holdings in Dover were worth $476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of DOV. nVerses Capital LLC purchased a new position in shares of Dover in the 2nd quarter valued at $144,000. Spire Wealth Management grew its position in shares of Dover by 15.9% in the 2nd quarter. Spire Wealth Management now owns 2,275 shares of the industrial products company’s stock worth $410,000 after buying an additional 312 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Dover by 3.0% during the second quarter. Commonwealth Equity Services LLC now owns 27,327 shares of the industrial products company’s stock valued at $4,931,000 after acquiring an additional 802 shares during the last quarter. IFG Advisory LLC acquired a new stake in Dover in the second quarter valued at approximately $318,000. Finally, Rothschild Investment LLC purchased a new position in Dover in the second quarter worth $102,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total transaction 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 $33,285,578.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Brad M. Cerepak sold 4,341 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the sale, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total transaction 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 90 days, insiders have sold 30,565 shares of company stock valued at $5,576,733. 1.30% of the stock is currently owned by company insiders.

Dover Price Performance

Shares of Dover stock opened at $186.03 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. The business has a 50 day simple moving average of $180.53 and a two-hundred day simple moving average of $177.73. The stock has a market capitalization of $25.57 billion, a P/E ratio of 17.87, a PEG ratio of 2.21 and a beta of 1.22. Dover Co. has a 12 month low of $127.25 and a 12 month high of $192.31.

Dover (NYSE:DOV) last released its earnings results 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 business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same period last year, the company posted $2.05 EPS. The business’s revenue was up 3.7% on a year-over-year basis. As a group, analysts predict 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 will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.515 per share. The ex-dividend date is Friday, August 30th. This is an increase from Dover’s previous quarterly dividend of $0.51. This represents a $2.06 dividend on an annualized basis and a yield of 1.11%. Dover’s payout ratio is 19.79%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Robert W. Baird reissued an “outperform” rating and issued a $208.00 price objective on shares of Dover in a research report on Monday, July 22nd. Royal Bank of Canada lifted their price objective on shares of 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 boosted their price target 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.63.

Dover Profile

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.