Meeder Advisory Services Inc. Increases Stake in Dover Co. (NYSE:DOV)

Meeder Advisory Services Inc. lifted its stake in Dover Co. (NYSE:DOV) by 47.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,692 shares of the industrial products company’s stock after buying an additional 871 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Dover were worth $486,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DOV. Principal Securities Inc. bought a new position in shares of Dover during the 4th quarter valued at about $182,000. Avantax Advisory Services Inc. bought a new position in Dover during the fourth quarter valued at approximately $247,000. Brown Advisory Inc. grew its holdings in Dover by 8.0% during the 4th quarter. Brown Advisory Inc. now owns 269,068 shares of the industrial products company’s stock valued at $41,385,000 after buying an additional 19,977 shares in the last quarter. Manchester Capital Management LLC increased its stake in Dover by 4.1% in the 4th quarter. Manchester Capital Management LLC now owns 1,752 shares of the industrial products company’s stock worth $269,000 after acquiring an additional 69 shares during the last quarter. Finally, ING Groep NV raised its holdings in shares of Dover by 648.1% during the 4th quarter. ING Groep NV now owns 19,151 shares of the industrial products company’s stock worth $2,946,000 after acquiring an additional 16,591 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

Dover Price Performance

DOV opened at $185.06 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $180.93 and a 200 day moving average of $178.75. Dover Co. has a 52-week low of $127.25 and a 52-week high of $192.31. The stock has a market cap of $25.44 billion, a P/E ratio of 17.78, a PEG ratio of 2.17 and a beta of 1.22.

Dover (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.36 EPS 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 firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same period in the prior year, the business posted $2.05 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Dover Co. will post 9.17 EPS 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 issued a $0.515 dividend. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date is Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.11%. Dover’s payout ratio is presently 19.79%.

Wall Street Analysts Forecast Growth

DOV has been the subject of a number of recent research reports. Royal Bank of Canada raised their target price on shares of Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Robert W. Baird reissued an “outperform” rating and issued a $208.00 price objective on shares of Dover in a research note on Monday, July 22nd. Finally, Mizuho upped their target price on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Dover has an average rating of “Moderate Buy” and a consensus target price of $192.63.

Insiders Place Their Bets

In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was 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 in the company, valued at approximately $8,706,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction dated Thursday, August 29th. The stock was 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 in the company, valued at $8,706,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the transaction, the chief financial officer now owns 12,324 shares in the company, valued at $2,156,700. The disclosure for this sale can be found here. Insiders have sold 45,383 shares of company stock worth $8,169,883 in the last ninety days. 1.30% of the stock is owned by company insiders.

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.