Dover Co. (NYSE:DOV) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. cut its stake in shares of Dover Co. (NYSE:DOV) by 11.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,737 shares of the industrial products company’s stock after selling 470 shares during the quarter. iA Global Asset Management Inc.’s holdings in Dover were worth $662,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in Dover by 153.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock valued at $466,622,000 after acquiring an additional 1,595,611 shares during the period. Norges Bank acquired a new stake in Dover in the fourth quarter valued at $175,275,000. Franklin Resources Inc. lifted its holdings in Dover by 15.4% in the fourth quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock valued at $567,426,000 after acquiring an additional 492,577 shares during the period. Wellington Management Group LLP lifted its holdings in Dover by 50.7% in the fourth 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 period. Finally, Interval Partners LP acquired a new stake in Dover in the first quarter valued at $49,195,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Price Performance

Shares of NYSE:DOV traded down $5.11 on Thursday, hitting $179.15. The company had a trading volume of 897,297 shares, compared to its average volume of 1,016,459. The business has a 50 day moving average of $181.41 and a 200 day moving average of $173.47. Dover Co. has a 52-week low of $127.25 and a 52-week high of $192.31. The company has a market cap of $24.62 billion, a PE ratio of 17.69, a PEG ratio of 2.19 and a beta of 1.22. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55.

Dover (NYSE:DOV) last released its earnings results on Thursday, July 25th. The industrial products company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.05 earnings per share. As a group, equities analysts anticipate that Dover Co. will post 9.15 earnings per share for the current fiscal year.

Dover Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Friday, May 31st. Dover’s dividend payout ratio (DPR) is 19.60%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DOV. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a research report on Friday, April 26th. Citigroup boosted their target price on Dover from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Oppenheimer boosted their target price on Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Wells Fargo & Company boosted their target price on Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $208.00 target price on shares of Dover in a research report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.63.

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.