Rainier Investment Management LLC Acquires New Stake in Dover Corp. (DOV)
Rainier Investment Management LLC purchased a new position in shares of Dover Corp. (NYSE:DOV) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 173,070 shares of the company’s stock, valued at approximately $11,999,000. Rainier Investment Management LLC owned about 0.11% of Dover Corp. as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Dover Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,555,176 shares of the company’s stock worth $1,008,965,000 after buying an additional 393,727 shares during the period. Pzena Investment Management LLC boosted its stake in Dover Corp. by 1.0% in the second quarter. Pzena Investment Management LLC now owns 6,194,201 shares of the company’s stock worth $429,382,000 after buying an additional 59,245 shares during the period. Bank of New York Mellon Corp boosted its stake in Dover Corp. by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 3,272,919 shares of the company’s stock worth $226,877,000 after buying an additional 580,562 shares during the period. BlackRock Fund Advisors boosted its stake in Dover Corp. by 1.2% in the second quarter. BlackRock Fund Advisors now owns 2,460,830 shares of the company’s stock worth $170,585,000 after buying an additional 30,342 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Dover Corp. by 13.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,823,852 shares of the company’s stock worth $126,411,000 after buying an additional 220,131 shares during the period. Institutional investors and hedge funds own 85.40% of the company’s stock.
Shares of Dover Corp. (NYSE:DOV) traded down 0.94% during mid-day trading on Friday, hitting $70.94. The stock had a trading volume of 1,862,418 shares. Dover Corp. has a 12 month low of $50.91 and a 12 month high of $74.90. The stock has a market cap of $11.02 billion, a P/E ratio of 22.72 and a beta of 1.18. The firm has a 50 day moving average price of $69.06 and a 200-day moving average price of $69.56.
Dover Corp. (NYSE:DOV) last announced its earnings results on Wednesday, October 19th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.71 billion. Dover Corp. had a return on equity of 12.93% and a net margin of 7.29%. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 EPS. On average, equities research analysts forecast that Dover Corp. will post $3.02 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $1.76 dividend on an annualized basis and a yield of 2.48%. Dover Corp.’s dividend payout ratio is currently 56.05%.
A number of equities research analysts recently weighed in on DOV shares. Zacks Investment Research cut Dover Corp. from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 13th. Susquehanna initiated coverage on Dover Corp. in a research report on Friday, October 7th. They set a “neutral” rating and a $77.00 price objective on the stock. Bank of America Corp. reiterated a “buy” rating and set a $85.00 price objective on shares of Dover Corp. in a research report on Thursday, October 6th. Citigroup Inc. lowered their price objective on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 11th. Finally, Barclays PLC set a $68.00 price objective on Dover Corp. and gave the stock a “hold” rating in a research report on Tuesday, October 11th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. Dover Corp. currently has an average rating of “Hold” and an average price target of $72.18.
In other Dover Corp. news, VP Sandra A. Arkell sold 565 shares of the company’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $68.73, for a total value of $38,832.45. Following the transaction, the vice president now directly owns 2,216 shares in the company, valued at approximately $152,305.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by company 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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