Keybank National Association OH Sells 2,533 Shares of Dover Corporation $DOV

Keybank National Association OH cut its stake in Dover Corporation (NYSE:DOV) by 8.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,604 shares of the industrial products company’s stock after selling 2,533 shares during the period. Keybank National Association OH’s holdings in Dover were worth $4,976,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Clearstead Trust LLC purchased a new stake in shares of Dover during the 2nd quarter worth approximately $30,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Dover in the 2nd quarter worth approximately $34,000. William Mack & Associates Inc. purchased a new position in Dover in the 3rd quarter valued at approximately $29,000. Kelleher Financial Advisors purchased a new position in Dover in the 2nd quarter valued at approximately $38,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in Dover by 105.1% in the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 203 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 104 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Dover news, CEO Richard Tobin sold 86,440 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $214.86, for a total transaction of $18,572,498.40. Following the sale, the chief executive officer owned 212,855 shares in the company, valued at approximately $45,734,025.30. This represents a 28.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BMO Capital Markets raised Dover from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Mizuho lowered their target price on Dover from $270.00 to $245.00 and set an “outperform” rating on the stock in a report on Thursday, October 15th. Robert W. Baird set a $258.00 target price on Dover in a report on Friday, October 23rd. Wells Fargo & Company raised their price target on Dover from $229.00 to $233.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Finally, Wall Street Zen downgraded Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Eleven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $238.60.

Dover Stock Down 1.4%

Shares of NYSE DOV opened at $209.41 on Friday. The firm’s 50-day moving average is $196.14 and its two-hundred day moving average is $209.78. The company has a market capitalization of $27.85 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 1.83 and a beta of 1.10. Dover Corporation has a 12-month low of $177.87 and a 12-month high of $237.54. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.95 and a quick ratio of 1.37.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share 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 during the quarter, compared to analysts’ expectations of $2.22 billion. During the same period last year, the company posted $2.62 EPS. The company’s revenue was up 7.5% on a year-over-year basis. Equities analysts anticipate that Dover Corporation will post 10.73 EPS for the current fiscal year.

Dover Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be paid a $0.5250 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $2.10 dividend on an annualized basis and a yield of 1.0%. Dover’s dividend payout ratio is presently 24.48%.

Dover Company Profile

Dover Corporation is a diversified manufacturer of equipment and components for industrial and commercial markets. Founded in 1955, the company has grown through a combination of product development and acquisitions and serves customers around the world. Dover’s businesses operate across areas including engineered products, clean energy and fueling, imaging and identification, pumps and process solutions, and climate and sustainability technologies. Its products include fueling and vehicle-service equipment, pumps and fluid-handling systems, packaging and marking equipment, and components used in industrial and commercial applications.