FineMark National Bank & Trust Sells 703 Shares of Dover Co. (NYSE:DOV)

FineMark National Bank & Trust lessened its holdings in shares of Dover Co. (NYSE:DOV) by 16.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,579 shares of the industrial products company’s stock after selling 703 shares during the period. FineMark National Bank & Trust’s holdings in Dover were worth $646,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Franklin Resources Inc. lifted its stake in Dover by 15.4% in the fourth quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock valued at $567,426,000 after buying an additional 492,577 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Dover by 153.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock valued at $466,622,000 after buying an additional 1,595,611 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Dover by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,428,878 shares of the industrial products company’s stock worth $219,778,000 after acquiring an additional 140,089 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Dover by 50.7% in the fourth quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock worth $189,433,000 after acquiring an additional 414,481 shares in the last quarter. Finally, Corient Private Wealth LLC increased its holdings in shares of Dover by 15.9% in the fourth quarter. Corient Private Wealth LLC now owns 1,150,063 shares of the industrial products company’s stock worth $176,891,000 after acquiring an additional 157,614 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DOV. Mizuho raised 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. Royal Bank of Canada raised their price objective on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $208.00 price objective on shares of Dover in a research report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Dover has an average rating of “Moderate Buy” and an average price target of $192.63.

Dover Stock Performance

NYSE:DOV opened at $175.05 on Friday. The stock has a fifty day moving average price of $180.42 and a 200-day moving average price of $177.84. The company has a market cap of $24.06 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 2.21 and a beta of 1.22. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 1.53. Dover Co. has a fifty-two week low of $127.25 and a fifty-two week 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, beating analysts’ consensus estimates of $2.21 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 EPS. As a group, equities analysts anticipate that Dover Co. will post 9.17 EPS for the current fiscal year.

Dover Increases Dividend

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

Insider Transactions at Dover

In other news, SVP Ivonne M. Cabrera sold 1,220 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the transaction, the senior vice president now owns 47,060 shares of the company’s stock, valued at approximately $8,706,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the company’s stock in a transaction dated 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 completion of 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 legal filing with the SEC, which is available through the SEC website. Also, SVP Ivonne M. Cabrera sold 1,220 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the sale, the senior vice president now directly owns 47,060 shares of the company’s stock, valued at approximately $8,706,100. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,565 shares of company stock valued at $5,576,733. 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.