Parsec Financial Management Inc. Has $14,473,000 Stake in Dover Corp. (DOV)
Parsec Financial Management Inc. decreased its stake in Dover Corp. (NYSE:DOV) by 4.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 208,779 shares of the company’s stock after selling 10,571 shares during the period. Dover Corp. comprises about 1.4% of Parsec Financial Management Inc.’s portfolio, making the stock its 26th largest position. Parsec Financial Management Inc. owned about 0.13% of Dover Corp. worth $14,473,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Trust Department MB Financial Bank N A boosted its stake in shares of Dover Corp. by 67.0% in the second quarter. Trust Department MB Financial Bank N A now owns 2,567 shares of the company’s stock valued at $180,000 after buying an additional 1,030 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Dover Corp. during the first quarter valued at $217,000. ING Groep NV bought a new stake in shares of Dover Corp. during the first quarter valued at $227,000. Ropes Wealth Advisors LLC boosted its stake in shares of Dover Corp. by 9.7% in the first quarter. Ropes Wealth Advisors LLC now owns 3,722 shares of the company’s stock valued at $239,000 after buying an additional 330 shares during the last quarter. Finally, Eagle Ridge Investment Management bought a new stake in shares of Dover Corp. during the second quarter valued at $263,000. 85.59% of the stock is currently owned by institutional investors.
Shares of Dover Corp. (NYSE:DOV) traded down 1.76% during trading on Friday, hitting $72.39. The stock had a trading volume of 898,532 shares. The stock’s 50 day moving average price is $71.68 and its 200-day moving average price is $69.06. The stock has a market cap of $11.24 billion, a P/E ratio of 20.82 and a beta of 1.25. Dover Corp. has a one year low of $50.91 and a one year high of $74.90.
Dover Corp. (NYSE:DOV) last posted its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The company earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the business posted $0.98 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. Analysts expect that Dover Corp. will post $3.34 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend was Monday, August 29th. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio (DPR) is 50.29%.
DOV has been the topic of several analyst reports. Bank of America Corp. reissued a “buy” rating and set a $85.00 price objective on shares of Dover Corp. in a research note on Thursday. Zacks Investment Research raised Dover Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Wednesday. Barclays PLC boosted their target price on Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Susquehanna assumed coverage on Dover Corp. in a research report on Friday. They set a “neutral” rating for the company. Finally, Sanford C. Bernstein upgraded Dover Corp. from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $75.00 to $87.00 in a research report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. Dover Corp. presently has an average rating of “Hold” and an average price target of $72.33.
In related news, CEO Robert Livingston sold 25,927 shares of Dover Corp. stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total value of $1,795,185.48. Following the completion of the sale, the chief executive officer now owns 192,630 shares in the company, valued at approximately $13,337,701.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP C. Anderson Fincher sold 1,420 shares of Dover Corp. stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.42, for a total transaction of $104,256.40. Following the completion of the sale, the vice president now owns 40,326 shares of the company’s stock, valued at approximately $2,960,734.92. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
Dover Corp. Company Profile
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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