Legal & General Group Plc Acquires 10,873 Shares of Dover Corporation (DOV)
Legal & General Group Plc raised its position in Dover Corporation (NYSE:DOV) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 769,225 shares of the industrial products company’s stock after buying an additional 10,873 shares during the period. Legal & General Group Plc owned 0.49% of Dover Corporation worth $61,708,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Dover Corporation by 9.4% in the first quarter. Bank of America Corp DE now owns 6,446,209 shares of the industrial products company’s stock worth $517,953,000 after buying an additional 553,136 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Dover Corporation by 7.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,584 shares of the industrial products company’s stock valued at $690,000 after buying an additional 625 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in Dover Corporation during the first quarter valued at approximately $6,512,000. Candriam Luxembourg S.C.A. boosted its stake in Dover Corporation by 32.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 14,205 shares of the industrial products company’s stock valued at $1,141,000 after buying an additional 3,477 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in Dover Corporation by 6.1% in the first quarter. Amalgamated Bank now owns 10,799 shares of the industrial products company’s stock valued at $868,000 after buying an additional 619 shares during the last quarter. 85.73% of the stock is owned by institutional investors and hedge funds.
Dover Corporation (NYSE:DOV) opened at 85.27 on Friday. The firm has a 50 day moving average of $84.57 and a 200-day moving average of $81.34. Dover Corporation has a one year low of $65.50 and a one year high of $87.63. The firm has a market cap of $13.28 billion, a price-to-earnings ratio of 21.32 and a beta of 1.27.
Dover Corporation (NYSE:DOV) last issued its earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.03. Dover Corporation had a net margin of 8.61% and a return on equity of 13.36%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the company earned $0.76 earnings per share. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. Equities research analysts forecast that Dover Corporation will post $4.31 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.47 dividend. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Tuesday, August 29th. Dover Corporation’s payout ratio is currently 44.11%.
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Several research firms have commented on DOV. Robert W. Baird set a $91.00 target price on shares of Dover Corporation and gave the stock a “buy” rating in a research note on Thursday. Zacks Investment Research cut shares of Dover Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub cut shares of Dover Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Citigroup Inc. lifted their target price on shares of Dover Corporation from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Finally, Stifel Nicolaus lifted their target price on shares of Dover Corporation from $88.00 to $91.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.00.
In other Dover Corporation news, Director Michael B. Stubbs sold 25,000 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $87.04, for a total value of $2,176,000.00. Following the transaction, the director now directly owns 275,344 shares in the company, valued at $23,965,941.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is owned by insiders.
About Dover Corporation
Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.
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