Jay L. Kloosterboer Sells 11,501 Shares of Dover Corp. (DOV) Stock
Dover Corp. (NYSE:DOV) insider Jay L. Kloosterboer sold 11,501 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $70.25, for a total value of $807,945.25. Following the completion of the sale, the insider now directly owns 64,615 shares of the company’s stock, valued at $4,539,203.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Dover Corp. (NYSE:DOV) opened at 70.67 on Thursday. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The company’s 50-day moving average price is $69.20 and its 200 day moving average price is $69.69. The stock has a market capitalization of $10.98 billion, a P/E ratio of 22.64 and a beta of 1.18.
Dover Corp. (NYSE:DOV) last released its quarterly earnings results on Wednesday, October 19th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Dover Corp. had a return on equity of 12.93% and a net margin of 7.29%. The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. The firm’s revenue was down 4.5% compared to the same quarter last year. Equities research analysts expect that Dover Corp. will post $3.02 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, November 28th. Dover Corp.’s dividend payout ratio (DPR) is 56.05%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PGGM Investments boosted its position in Dover Corp. by 12.0% in the second quarter. PGGM Investments now owns 588,341 shares of the company’s stock worth $40,784,000 after buying an additional 63,049 shares during the period. Bank of New York Mellon Corp boosted its position 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. Rainier Investment Management LLC purchased a new position in Dover Corp. during the second quarter worth approximately $11,999,000. BB&T Corp boosted its position in Dover Corp. by 5,871.5% in the second quarter. BB&T Corp now owns 198,733 shares of the company’s stock worth $13,776,000 after buying an additional 195,405 shares during the period. Finally, Diligent Investors LLC boosted its position in Dover Corp. by 1.3% in the second quarter. Diligent Investors LLC now owns 11,375 shares of the company’s stock worth $788,000 after buying an additional 151 shares during the period. Institutional investors own 85.22% of the company’s stock.
Several equities research analysts have recently issued reports on DOV shares. Zacks Investment Research raised Dover Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Wednesday, October 5th. Bank of America Corp. reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Dover Corp. in a research note on Thursday, October 6th. Stifel Nicolaus raised their price objective on Dover Corp. from $65.00 to $72.00 and gave the company a “hold” rating in a research note on Thursday, October 20th. Barclays PLC set a $68.00 price objective on Dover Corp. and gave the company a “hold” rating in a research note on Tuesday, October 11th. Finally, Citigroup Inc. lowered their price objective on Dover Corp. from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Tuesday, October 11th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. Dover Corp. presently has an average rating of “Hold” and a consensus target price of $72.18.
About Dover Corp.
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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