Commerce Bank Decreases Position in Dover Co. (NYSE:DOV)

Commerce Bank trimmed its position in Dover Co. (NYSE:DOV) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,359 shares of the industrial products company’s stock after selling 360 shares during the quarter. Commerce Bank’s holdings in Dover were worth $9,809,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Dover by 104.8% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,945 shares of the industrial products company’s stock valued at $1,585,000 after purchasing an additional 4,577 shares in the last quarter. Peregrine Asset Advisers Inc. acquired a new stake in Dover during the 1st quarter worth $6,389,000. Chase Investment Counsel Corp acquired a new stake in Dover during the 1st quarter worth $225,000. Mutual of America Capital Management LLC raised its stake in Dover by 10.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 43,002 shares of the industrial products company’s stock worth $7,620,000 after acquiring an additional 3,986 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in Dover by 4.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 19,221 shares of the industrial products company’s stock worth $3,406,000 after acquiring an additional 855 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Dover Price Performance

DOV stock traded up $2.21 during trading on Wednesday, reaching $177.34. 313,421 shares of the company were exchanged, compared to its average volume of 992,983. The company has a market cap of $24.37 billion, a P/E ratio of 16.82, a PEG ratio of 2.14 and a beta of 1.22. Dover Co. has a 52-week low of $127.25 and a 52-week high of $188.64. The stock’s 50 day moving average price is $181.14 and its 200 day moving average price is $169.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.89 and a current ratio of 1.31.

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

Dover Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Friday, May 31st. Dover’s dividend payout ratio (DPR) is presently 19.60%.

Analysts Set New Price Targets

Several brokerages recently commented on DOV. Wells Fargo & Company lifted their price target on shares of Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Robert W. Baird raised their price objective on shares of Dover from $185.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a research report on Friday, April 26th. Barclays raised their price objective on shares of Dover from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Finally, Mizuho raised their price objective on shares of Dover from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Dover has a consensus rating of “Moderate Buy” and a consensus price target of $185.75.

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.