Sumitomo Mitsui Trust Group Inc. Sells 10,645 Shares of Dover Corporation $DOV

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Dover Corporation (NYSE:DOV) by 3.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 313,195 shares of the industrial products company’s stock after selling 10,645 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Dover were worth $58,583,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new position in shares of Dover in the 2nd quarter valued at about $30,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Dover in the second quarter valued at about $34,000. William Mack & Associates Inc. bought a new stake in Dover during the third quarter worth about $29,000. Kelleher Financial Advisors bought a new stake in Dover during the second quarter worth about $38,000. Finally, Ascentis Independent Advisors acquired a new position in Dover during the first quarter valued at approximately $46,000. 84.46% of the stock is owned by institutional investors.

Insider Activity at Dover

In other news, CEO Richard Tobin sold 86,440 shares of Dover stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $214.86, for a total value of $18,572,498.40. Following the completion of the sale, the chief executive officer directly owned 212,855 shares in the company, valued at approximately $45,734,025.30. The trade was a 28.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Dover Trading Down 1.2%

Shares of Dover stock opened at $213.36 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.95. The firm has a 50-day moving average of $194.44 and a 200-day moving average of $209.68. Dover Corporation has a 52-week low of $176.40 and a 52-week high of $237.54. The stock has a market cap of $28.38 billion, a PE ratio of 24.87, a PEG ratio of 1.86 and a beta of 1.10.

Dover (NYSE:DOV) last released its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.85 by $0.03. Dover had a net margin of 13.60% and a return on equity of 18.68%. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the firm earned $2.62 earnings per share. Dover’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Dover Corporation will post 10.72 EPS for the current year.

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a dividend of $0.5250 per share. This is a boost from Dover’s previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, August 31st. Dover’s payout ratio is 24.48%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on DOV shares. Weiss Ratings downgraded Dover from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, September 2nd. Wells Fargo & Company upped their price target on shares of Dover from $229.00 to $233.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Citigroup boosted their price objective on shares of Dover from $266.00 to $268.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. Wall Street Zen cut shares of Dover from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, BMO Capital Markets upgraded shares of Dover from a “market perform” rating to an “outperform” rating and cut their target price for the company from $255.00 to $240.00 in a research note on Friday, July 24th. Eleven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Dover currently has an average rating of “Moderate Buy” and an average target price of $238.60.

Dover Profile

Dover Corporation (NYSE: DOV) is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.

The company’s products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.