Renaissance Technologies LLC Makes New $3 Million Investment in Dover Co. (NYSE:DOV)

Renaissance Technologies LLC purchased a new position in Dover Co. (NYSE:DOV) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 16,600 shares of the industrial products company’s stock, valued at approximately $2,995,000.

Other large investors also recently bought and sold shares of the company. BNP Paribas Financial Markets grew its position in shares of Dover by 27.4% in the first quarter. BNP Paribas Financial Markets now owns 166,211 shares of the industrial products company’s stock valued at $29,451,000 after purchasing an additional 35,750 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in 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. SG Americas Securities LLC increased its holdings in Dover by 75.1% in the first quarter. SG Americas Securities LLC now owns 19,972 shares of the industrial products company’s stock valued at $3,539,000 after buying an additional 8,563 shares during the last quarter. Cetera Investment Advisers increased its holdings in Dover by 975.5% in the first quarter. Cetera Investment Advisers now owns 24,886 shares of the industrial products company’s stock valued at $4,410,000 after buying an additional 22,572 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Dover by 56.6% during the first quarter. Oppenheimer & Co. Inc. now owns 13,175 shares of the industrial products company’s stock worth $2,334,000 after purchasing an additional 4,760 shares during the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Dover

In other Dover news, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the transaction, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,274,887.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Dover news, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the transaction, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,274,887.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Richard J. Tobin sold 25,004 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 182,928 shares in the company, valued at approximately $33,285,578.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,383 shares of company stock worth $8,169,883. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

DOV has been the topic of a number of research reports. Royal Bank of Canada raised their price target on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Wolfe Research upgraded Dover to a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company lifted their target price on shares of Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research note on Monday. Mizuho lifted their target price on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price objective on shares of Dover in a report on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Dover presently has an average rating of “Moderate Buy” and an average target price of $193.50.

Dover Price Performance

Shares of NYSE:DOV opened at $191.74 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.55. Dover Co. has a fifty-two week low of $127.25 and a fifty-two week high of $194.75. The firm has a 50-day simple moving average of $182.51 and a 200 day simple moving average of $180.35. The company has a market cap of $26.35 billion, a PE ratio of 18.42, a P/E/G ratio of 2.27 and a beta of 1.22.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Dover had a net margin of 17.58% and a return on equity of 24.94%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $2.05 earnings per share. On average, 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 was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.515 dividend. This represents a $2.06 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from Dover’s previous quarterly dividend of $0.51. Dover’s dividend payout ratio is 19.79%.

Dover Company Profile

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.