CIBC Asset Management Inc Trims Stake in Dover Co. (NYSE:DOV)

CIBC Asset Management Inc cut its stake in shares of Dover Co. (NYSE:DOV) by 6.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,113 shares of the industrial products company’s stock after selling 1,401 shares during the period. CIBC Asset Management Inc’s holdings in Dover were worth $3,449,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of DOV. Game Plan Financial Advisors LLC purchased a new stake in Dover during the 2nd quarter valued at approximately $651,000. Valmark Advisers Inc. grew its stake in Dover by 1.6% during the second quarter. Valmark Advisers Inc. now owns 3,962 shares of the industrial products company’s stock valued at $715,000 after acquiring an additional 63 shares in the last quarter. nVerses Capital LLC bought a new stake in Dover in the 2nd quarter valued at $144,000. Spire Wealth Management lifted its stake in 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 purchasing an additional 312 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Dover by 3.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 27,327 shares of the industrial products company’s stock valued at $4,931,000 after purchasing an additional 802 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

Dover Trading Down 0.8 %

Shares of DOV stock opened at $175.05 on Friday. The company has a market cap of $24.06 billion, a PE ratio of 16.82, a price-to-earnings-growth ratio of 2.21 and a beta of 1.22. Dover Co. has a 1 year low of $127.25 and a 1 year high of $192.31. The stock’s 50 day simple moving average is $180.42 and its two-hundred day simple moving average is $177.84. 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 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 for the quarter, compared to analyst estimates of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. Dover’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. Research analysts predict that Dover Co. will post 9.17 earnings per share for the current year.

Dover Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $0.515 per share. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from Dover’s previous quarterly dividend of $0.51. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.18%. Dover’s payout ratio is currently 19.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada lifted their target price on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Mizuho lifted their price objective on Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $208.00 price objective on shares of Dover in a report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Dover currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.63.

Insider Activity at Dover

In other Dover news, CFO Brad M. Cerepak sold 4,341 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the completion of the sale, the chief financial officer now owns 12,324 shares of the company’s stock, valued at $2,274,887.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total value of $4,549,727.84. Following the transaction, the chief executive officer now owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 4,341 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,274,887.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,565 shares of company stock worth $5,576,733. 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.