Allspring Global Investments Holdings LLC Trims Stake in Dover Co. (NYSE:DOV)

Allspring Global Investments Holdings LLC decreased its position in shares of Dover Co. (NYSE:DOV) by 1.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 7,267 shares of the industrial products company’s stock after selling 77 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Dover were worth $1,311,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings in shares of Dover by 27.4% in the 1st quarter. BNP Paribas Financial Markets now owns 166,211 shares of the industrial products company’s stock valued at $29,451,000 after acquiring an additional 35,750 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Dover by 14.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 202,659 shares of the industrial products company’s stock valued at $35,909,000 after buying an additional 25,562 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Dover by 9.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 226,382 shares of the industrial products company’s stock valued at $34,820,000 after buying an additional 19,156 shares during the last quarter. Norges Bank acquired a new stake in shares of Dover during the fourth quarter worth about $175,275,000. Finally, Hsbc Holdings PLC grew its holdings in shares of Dover by 14.2% during the fourth quarter. Hsbc Holdings PLC now owns 281,912 shares of the industrial products company’s stock worth $43,330,000 after buying an additional 35,109 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

DOV has been the subject of a number of recent research reports. Robert W. Baird reaffirmed an “outperform” rating and set a $208.00 price objective on shares of Dover in a research report on Monday, July 22nd. Mizuho increased their price target on Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada lifted 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. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $192.63.

Insider Activity

In related news, CFO Brad M. Cerepak sold 4,341 shares of Dover stock in a transaction dated 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 transaction, the chief financial officer now directly owns 12,324 shares in the company, valued at $2,274,887.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brad M. Cerepak sold 4,341 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 12,324 shares in the company, valued at $2,274,887.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction 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 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 worth $5,576,733. 1.30% of the stock is currently owned by corporate insiders.

Dover Trading Down 3.1 %

NYSE:DOV opened at $180.25 on Wednesday. Dover Co. has a one year low of $127.25 and a one year high of $192.31. The business’s 50-day simple moving average is $180.54 and its 200 day simple moving average is $177.86. 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 stock has a market cap of $24.77 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 2.21 and a beta of 1.22.

Dover (NYSE:DOV) last released its earnings results 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 company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 EPS. As a group, sell-side analysts predict that Dover Co. will post 9.17 earnings per share for the current fiscal year.

Dover Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a $0.515 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.06 annualized dividend and a dividend yield of 1.14%. This is an increase from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio 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.