Kentucky Retirement Systems Lowers Stock Position in Dover Co. (NYSE:DOV)

Kentucky Retirement Systems decreased its position in Dover Co. (NYSE:DOV) by 2.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,356 shares of the industrial products company’s stock after selling 268 shares during the period. Kentucky Retirement Systems’ holdings in Dover were worth $1,869,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of DOV. First Eagle Investment Management LLC boosted its position in Dover by 20.8% during the second quarter. First Eagle Investment Management LLC now owns 4,639 shares of the industrial products company’s stock worth $837,000 after purchasing an additional 800 shares in the last quarter. Seven Eight Capital LP purchased a new position in shares of Dover during the 2nd quarter valued at approximately $845,000. Hsbc Holdings PLC grew its stake in Dover by 6.5% in the 2nd quarter. Hsbc Holdings PLC now owns 346,460 shares of the industrial products company’s stock valued at $62,588,000 after acquiring an additional 21,169 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in Dover by 20.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,208 shares of the industrial products company’s stock worth $2,511,000 after acquiring an additional 2,425 shares in the last quarter. Finally, Tredje AP fonden raised its position in Dover by 4.8% during the second quarter. Tredje AP fonden now owns 97,027 shares of the industrial products company’s stock worth $17,509,000 after acquiring an additional 4,433 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

Dover Price Performance

DOV stock opened at $189.12 on Friday. Dover Co. has a 1 year low of $127.25 and a 1 year high of $192.31. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. The firm has a market capitalization of $25.99 billion, a PE ratio of 18.17, a price-to-earnings-growth ratio of 2.17 and a beta of 1.22. The business has a 50 day simple moving average of $181.73 and a 200-day simple moving average of $179.28.

Dover (NYSE:DOV) last issued its earnings results on Thursday, July 25th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. The business had revenue of $2.18 billion during 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 company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the company earned $2.05 EPS. Equities research analysts anticipate that Dover Co. will post 9.17 earnings per share for the current fiscal year.

Dover Increases Dividend

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

Insider Transactions at Dover

In related news, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was 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 in the company, valued at $2,274,887.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total value of $4,549,727.84. Following the sale, the chief executive officer now directly owns 182,928 shares in the company, valued at approximately $33,285,578.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brad M. Cerepak sold 4,341 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total transaction 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. The disclosure for this sale can be found here. Insiders sold 45,383 shares of company stock worth $8,169,883 in the last 90 days. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on DOV shares. Royal Bank of Canada lifted their target price on shares of Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Robert W. Baird reiterated an “outperform” rating and set a $208.00 price objective on shares of Dover in a research note on Monday, July 22nd. Finally, Mizuho lifted their price target on Dover from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Dover presently has a consensus rating of “Moderate Buy” and an average price target of $192.63.

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.