Griffin Asset Management Inc. Has $9.35 Million Stake in Dover Co. (NYSE:DOV)

Griffin Asset Management Inc. grew its position in Dover Co. (NYSE:DOV) by 3.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,750 shares of the industrial products company’s stock after buying an additional 1,606 shares during the quarter. Dover accounts for about 1.1% of Griffin Asset Management Inc.’s portfolio, making the stock its 26th largest holding. Griffin Asset Management Inc.’s holdings in Dover were worth $9,347,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. AdvisorNet Financial Inc boosted its holdings in shares of Dover by 783.3% in the 4th quarter. AdvisorNet Financial Inc now owns 212 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 188 shares in the last quarter. Exchange Traded Concepts LLC bought a new position in Dover in the fourth quarter valued at about $33,000. Life Planning Partners Inc acquired a new position in Dover during the fourth quarter worth about $35,000. Orion Capital Management LLC bought a new position in shares of Dover in the third quarter worth about $32,000. Finally, Headinvest LLC acquired a new stake in shares of Dover in the 3rd quarter valued at approximately $32,000. Institutional investors own 84.46% of the company’s stock.

Dover Trading Up 1.1 %

Dover stock traded up $2.00 during mid-day trading on Friday, hitting $180.45. 1,581,371 shares of the stock were exchanged, compared to its average volume of 1,073,027. The stock has a market capitalization of $24.80 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.21 and a beta of 1.24. Dover Co. has a 12 month low of $127.25 and a 12 month high of $188.64. The company has a quick ratio of 0.89, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The firm’s fifty day simple moving average is $181.07 and its two-hundred day simple moving average is $168.35.

Dover (NYSE:DOV) last announced its earnings results on Thursday, April 25th. The industrial products company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07. Dover had a net margin of 17.28% and a return on equity of 25.04%. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm earned $1.94 earnings per share. Dover’s quarterly revenue was up .7% on a year-over-year basis. Analysts forecast that Dover Co. will post 9.1 EPS for the current year.

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $2.04 annualized dividend and a yield of 1.13%. Dover’s dividend payout ratio is currently 19.60%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on DOV shares. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Citigroup raised their price objective on Dover from $180.00 to $205.00 and gave the company a “buy” rating in a report on Monday, April 8th. Oppenheimer upped their target price on Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Wells Fargo & Company lifted their price target on Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Finally, Barclays upped their price objective on Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Three 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, Dover currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.75.

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.