Meiji Yasuda Asset Management Co Ltd. Raises Stake in Dover Co. (NYSE:DOV)

Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Dover Co. (NYSE:DOV) by 3.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,540 shares of the industrial products company’s stock after buying an additional 1,072 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Dover were worth $5,150,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of DOV. Argent Trust Co bought a new stake in Dover during the 2nd quarter worth approximately $374,000. Mercer Global Advisors Inc. ADV grew its position in shares of Dover by 8.2% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 48,267 shares of the industrial products company’s stock valued at $8,710,000 after purchasing an additional 3,657 shares in the last quarter. L & S Advisors Inc bought a new position in shares of Dover in the second quarter worth $6,733,000. WealthPLAN Partners LLC purchased a new stake in shares of Dover in the second quarter worth $2,645,000. Finally, Renaissance Technologies LLC bought a new stake in Dover during the second quarter valued at $2,995,000. 84.46% of the stock is currently owned by institutional investors.

Dover Stock Down 1.2 %

Shares of NYSE DOV opened at $186.01 on Thursday. The firm’s fifty day moving average is $181.40 and its 200 day moving average is $179.15. Dover Co. has a 52 week low of $127.25 and a 52 week high of $192.31. 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 company has a market cap of $25.56 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 2.17 and a beta of 1.22.

Dover (NYSE:DOV) last issued its quarterly earnings data 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 firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. Dover had a net margin of 17.58% and a return on equity of 24.94%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.05 earnings per share. On average, equities research analysts expect that Dover Co. will post 9.17 earnings per share for the current year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.515 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.06 annualized dividend and a yield of 1.11%. This is a boost from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is 19.79%.

Analyst Ratings Changes

Several analysts have weighed in on DOV shares. Robert W. Baird reaffirmed an “outperform” rating and issued a $208.00 price target on shares of Dover in a report on Monday, July 22nd. Mizuho lifted 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. Finally, Royal Bank of Canada raised 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Dover has an average rating of “Moderate Buy” and an average price target of $192.63.

Insider Buying and Selling at Dover

In other news, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Dover news, CEO Richard J. Tobin sold 25,004 shares of Dover stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $175.00, for a total value of $2,593,150.00. Following the completion of the transaction, the chief financial officer now directly owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,383 shares of company stock valued at $8,169,883. 1.30% of the stock is currently 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.