Hartford Investment Management Co. Reduces Stock Position in Dover Co. (NYSE:DOV)

Hartford Investment Management Co. trimmed its position in Dover Co. (NYSE:DOV) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,670 shares of the industrial products company’s stock after selling 152 shares during the quarter. Hartford Investment Management Co.’s holdings in Dover were worth $1,662,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Dover in the 3rd quarter valued at $237,000. Lecap Asset Management Ltd. lifted its position in Dover by 34.7% during the third quarter. Lecap Asset Management Ltd. now owns 3,151 shares of the industrial products company’s stock valued at $604,000 after purchasing an additional 811 shares during the period. Private Advisor Group LLC boosted its holdings in Dover by 3.7% in the third quarter. Private Advisor Group LLC now owns 9,139 shares of the industrial products company’s stock valued at $1,752,000 after purchasing an additional 324 shares during the last quarter. Eastern Bank acquired a new stake in Dover during the 3rd quarter worth about $292,000. Finally, Sequoia Financial Advisors LLC lifted its holdings in shares of Dover by 41.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,635 shares of the industrial products company’s stock valued at $505,000 after buying an additional 773 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Brad M. Cerepak sold 4,341 shares of the firm’s stock in a transaction dated 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 directly owns 12,324 shares of the company’s stock, valued at approximately $2,274,887.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Dover news, CFO Brad M. Cerepak sold 4,341 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the completion of the sale, the chief financial officer now owns 12,324 shares in the company, valued at approximately $2,274,887.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,383 shares of company stock valued at $8,169,883 in the last 90 days. 1.30% of the stock is owned by insiders.

Dover Stock Down 3.6 %

DOV stock opened at $184.70 on Friday. Dover Co. has a 52 week low of $127.25 and a 52 week high of $195.68. 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 firm has a 50-day simple moving average of $186.66 and a 200-day simple moving average of $182.12. The stock has a market capitalization of $25.38 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.20 and a beta of 1.22.

Dover (NYSE:DOV) last announced its earnings results on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 24.94% and a net margin of 17.58%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 earnings per share. Equities analysts forecast that Dover Co. will post 9.18 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.515 dividend. The ex-dividend date was Friday, August 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.12%. This is a positive change from Dover’s previous quarterly dividend of $0.51. Dover’s dividend payout ratio (DPR) is presently 19.79%.

Analyst Upgrades and Downgrades

DOV has been the topic of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $215.00 target price (up from $210.00) on shares of Dover in a report on Wednesday, October 16th. Robert W. Baird reaffirmed an “outperform” rating and set a $208.00 target price on shares of Dover in a report on Monday, July 22nd. Mizuho increased their price target on shares of Dover from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Royal Bank of Canada lifted their price objective 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. Finally, Barclays increased their target price on shares of Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.75.

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.