M&T Bank Corp Decreases Stock Holdings in Dover Co. (NYSE:DOV)

M&T Bank Corp reduced its position in shares of Dover Co. (NYSE:DOV) by 7.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 124,227 shares of the industrial products company’s stock after selling 9,866 shares during the quarter. M&T Bank Corp owned about 0.09% of Dover worth $23,820,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Unigestion Holding SA purchased a new position in shares of Dover in the 3rd quarter worth $1,502,000. Rehmann Capital Advisory Group lifted its holdings in shares of Dover by 1.5% in the 3rd quarter. Rehmann Capital Advisory Group now owns 7,929 shares of the industrial products company’s stock valued at $1,522,000 after acquiring an additional 121 shares during the last quarter. Toronto Dominion Bank grew its position in Dover by 1.4% in the third quarter. Toronto Dominion Bank now owns 68,058 shares of the industrial products company’s stock worth $13,049,000 after acquiring an additional 909 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in Dover by 6.2% during the third quarter. Coldstream Capital Management Inc. now owns 2,797 shares of the industrial products company’s stock worth $538,000 after acquiring an additional 163 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Dover by 0.8% during the third quarter. Geode Capital Management LLC now owns 3,228,716 shares of the industrial products company’s stock valued at $616,945,000 after purchasing an additional 25,993 shares during the period. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Stock Performance

Shares of DOV opened at $189.27 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.06 and a current ratio of 1.57. The stock has a 50-day moving average of $197.83 and a two-hundred day moving average of $187.76. The stock has a market cap of $25.97 billion, a P/E ratio of 16.93, a P/E/G ratio of 2.70 and a beta of 1.22. Dover Co. has a one year low of $143.96 and a one year high of $208.26.

Dover Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $0.515 dividend. The ex-dividend date was Friday, November 29th. This represents a $2.06 dividend on an annualized basis and a yield of 1.09%. Dover’s dividend payout ratio is currently 18.43%.

Analyst Ratings Changes

DOV has been the topic of several analyst reports. The Goldman Sachs Group boosted their target price on Dover from $202.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Oppenheimer reissued an “outperform” rating and issued a $215.00 target price (up previously from $210.00) on shares of Dover in a research note on Wednesday, October 16th. UBS Group started coverage on shares of Dover in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $217.00 price objective for the company. Barclays increased their price objective on Dover from $190.00 to $205.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Finally, JPMorgan Chase & Co. increased their target price on shares of Dover from $210.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Dover presently has an average rating of “Moderate Buy” and a consensus price target of $213.91.

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.