United Asset Strategies Inc. Acquires New Stake in Dover Corporation (DOV)
United Asset Strategies Inc. acquired a new stake in shares of Dover Corporation (NYSE:DOV) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,425 shares of the industrial products company’s stock, valued at approximately $404,000.
Other hedge funds have also added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. lifted its position in Dover Corporation by 388.2% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 1,694 shares of the industrial products company’s stock valued at $155,000 after purchasing an additional 1,347 shares during the last quarter. IFP Advisors Inc lifted its position in Dover Corporation by 15.1% during the second quarter. IFP Advisors Inc now owns 1,728 shares of the industrial products company’s stock valued at $139,000 after purchasing an additional 227 shares during the last quarter. Cape Cod Five Cents Savings Bank bought a new position in Dover Corporation during the third quarter valued at $201,000. Penserra Capital Management LLC lifted its position in Dover Corporation by 13.0% during the second quarter. Penserra Capital Management LLC now owns 2,236 shares of the industrial products company’s stock valued at $179,000 after purchasing an additional 258 shares during the last quarter. Finally, First Mercantile Trust Co. lifted its position in Dover Corporation by 10.1% during the second quarter. First Mercantile Trust Co. now owns 2,327 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 213 shares during the last quarter. Institutional investors and hedge funds own 84.99% of the company’s stock.
In other news, VP Paul Goldberg sold 4,400 shares of Dover Corporation stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $95.25, for a total value of $419,100.00. Following the transaction, the vice president now owns 4,070 shares of the company’s stock, valued at approximately $387,667.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael B. Stubbs sold 41,505 shares of Dover Corporation stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $95.67, for a total transaction of $3,970,783.35. Following the completion of the transaction, the director now directly owns 275,344 shares in the company, valued at approximately $26,342,160.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,400 shares of company stock worth $5,207,952. Insiders own 2.50% of the company’s stock.
Several equities research analysts have recently issued reports on DOV shares. Stifel Nicolaus raised their target price on shares of Dover Corporation from $88.00 to $91.00 and gave the stock a “hold” rating in a report on Friday, July 21st. Royal Bank Of Canada restated a “hold” rating and issued a $91.00 target price on shares of Dover Corporation in a report on Wednesday, September 6th. J P Morgan Chase & Co upgraded shares of Dover Corporation from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $80.00 to $105.00 in a report on Wednesday, September 20th. Zacks Investment Research upgraded shares of Dover Corporation from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a report on Tuesday, July 18th. Finally, Seaport Global Securities restated a “neutral” rating on shares of Dover Corporation in a report on Wednesday, September 13th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $94.69.
Dover Corporation (NYSE DOV) traded up $0.20 during mid-day trading on Tuesday, reaching $96.12. 1,287,421 shares of the company traded hands, compared to its average volume of 1,190,000. The company has a quick ratio of 0.87, a current ratio of 1.32 and a debt-to-equity ratio of 0.70. The stock has a market cap of $14,960.00, a P/E ratio of 26.57, a PEG ratio of 1.87 and a beta of 1.28. Dover Corporation has a 52 week low of $66.19 and a 52 week high of $97.09.
Dover Corporation (NYSE:DOV) last posted its earnings results on Thursday, October 19th. The industrial products company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.05. The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.99 billion. Dover Corporation had a net margin of 8.91% and a return on equity of 14.10%. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. analysts predict that Dover Corporation will post 3.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Wednesday, November 29th. Dover Corporation’s payout ratio is currently 43.72%.
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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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