Teachers Retirement System of The State of Kentucky Lowers Stake in Dover Co. (NYSE:DOV)

Teachers Retirement System of The State of Kentucky decreased its position in shares of Dover Co. (NYSE:DOV) by 2.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,194 shares of the industrial products company’s stock after selling 322 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Dover were worth $2,020,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of DOV. Price T Rowe Associates Inc. MD lifted its stake in shares of Dover by 153.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock worth $466,622,000 after purchasing an additional 1,595,611 shares during the period. American Century Companies Inc. grew its holdings in Dover by 162.2% in the 2nd quarter. American Century Companies Inc. now owns 688,249 shares of the industrial products company’s stock valued at $124,195,000 after buying an additional 425,768 shares during the period. Wellington Management Group LLP increased its stake in shares of Dover by 50.7% during the 4th quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock valued at $189,433,000 after acquiring an additional 414,481 shares during the last quarter. Interval Partners LP lifted its holdings in shares of Dover by 110.0% during the 2nd quarter. Interval Partners LP now owns 583,075 shares of the industrial products company’s stock worth $105,216,000 after acquiring an additional 305,436 shares during the period. Finally, Kimelman & Baird LLC acquired a new stake in shares of Dover in the second quarter worth approximately $17,323,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Royal Bank of Canada increased their price target on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Wells Fargo & Company upped their price target on Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Barclays raised their price target on shares of Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a report on Wednesday. Wolfe Research upgraded shares of Dover to a “hold” rating in a research note on Friday, September 20th. Finally, Mizuho raised their target price on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $194.00.

Dover Price Performance

Shares of NYSE DOV opened at $188.91 on Friday. The business has a 50 day moving average price of $183.05 and a two-hundred day moving average price of $180.58. The firm has a market cap of $25.96 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 2.27 and a beta of 1.22. Dover Co. has a fifty-two week low of $127.25 and a fifty-two week high of $194.75. 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 (NYSE:DOV) last posted its quarterly earnings results 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. Dover had a net margin of 17.58% and a return on equity of 24.94%. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same period in the previous year, the business posted $2.05 EPS. The company’s quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts expect that Dover Co. will post 9.17 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.515 dividend. The ex-dividend date was Friday, August 30th. This represents a $2.06 annualized dividend and a dividend yield of 1.09%. This is a positive change from Dover’s previous quarterly dividend of $0.51. Dover’s dividend payout ratio (DPR) is presently 19.79%.

Insider Activity

In other Dover news, CEO Richard J. Tobin sold 25,004 shares of Dover 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 sale, the chief executive officer now owns 182,928 shares of the company’s stock, valued at $33,285,578.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Brad M. Cerepak sold 14,818 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the completion of the transaction, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,156,700. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 completion of the transaction, the chief executive officer now owns 182,928 shares in the company, valued at approximately $33,285,578.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,383 shares of company stock valued at $8,169,883. Insiders own 1.30% of the company’s stock.

Dover 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.