Cannon Financial Strategists Inc. Takes Position in Dover Co. (NYSE:DOV)

Cannon Financial Strategists Inc. bought a new stake in Dover Co. (NYSE:DOV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,545 shares of the industrial products company’s stock, valued at approximately $279,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in Dover during the second quarter valued at $3,175,000. Chase Investment Counsel Corp raised its stake in Dover by 23.5% during the second quarter. Chase Investment Counsel Corp now owns 1,575 shares of the industrial products company’s stock valued at $284,000 after buying an additional 300 shares during the last quarter. Kimelman & Baird LLC purchased a new position in Dover during the second quarter valued at $17,323,000. Ecofi Investissements SA purchased a new position in Dover during the second quarter valued at $8,531,000. Finally, Ascent Group LLC raised its stake in Dover by 11.5% during the second quarter. Ascent Group LLC now owns 11,393 shares of the industrial products company’s stock valued at $2,056,000 after buying an additional 1,174 shares during the last quarter. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Royal Bank of Canada lifted their price objective on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Wolfe Research upgraded Dover to a “hold” rating in a research note on Friday, September 20th. Robert W. Baird restated an “outperform” rating and issued a $208.00 price target on shares of Dover in a research note on Monday, July 22nd. Mizuho boosted 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. Finally, Wells Fargo & Company boosted their price target on Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $193.50.

Dover Stock Performance

Shares of DOV opened at $190.46 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.53 and a quick ratio of 0.95. Dover Co. has a one year low of $127.25 and a one year high of $194.75. The firm has a market capitalization of $26.17 billion, a P/E ratio of 18.30, a PEG ratio of 2.27 and a beta of 1.22. The business has a fifty day moving average of $182.71 and a 200 day moving average of $180.45.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, topping the consensus estimate of $2.21 by $0.15. Dover had a return on equity of 24.94% and a net margin of 17.58%. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the company posted $2.05 earnings per share. Dover’s revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Dover Co. will post 9.17 EPS for the current year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.515 per share. This represents a $2.06 annualized dividend and a yield of 1.08%. The ex-dividend date was Friday, August 30th. This is a positive change from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is currently 19.79%.

Insider Buying and Selling at Dover

In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the completion of the sale, the chief executive officer now owns 182,928 shares of the company’s stock, valued at $33,285,578.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Dover news, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the completion of the sale, the chief executive officer now owns 182,928 shares of the company’s stock, valued at $33,285,578.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brad M. Cerepak sold 4,341 shares of the business’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 sale, 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. Over the last quarter, insiders sold 45,383 shares of company stock valued at $8,169,883. Company insiders own 1.30% of the company’s stock.

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.