Cornercap Investment Counsel Inc. Lowers Position in Dover Corporation $DOV

Cornercap Investment Counsel Inc. trimmed its holdings in shares of Dover Corporation (NYSE:DOV) by 53.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,104 shares of the industrial products company’s stock after selling 4,800 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Dover were worth $752,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in DOV. Nuveen LLC bought a new stake in shares of Dover during the 1st quarter valued at about $526,081,000. Hsbc Holdings PLC raised its stake in Dover by 77.9% in the first quarter. Hsbc Holdings PLC now owns 614,098 shares of the industrial products company’s stock valued at $107,677,000 after purchasing an additional 268,931 shares in the last quarter. Strs Ohio bought a new stake in Dover during the first quarter valued at approximately $40,148,000. Allianz Asset Management GmbH grew its stake in Dover by 647.4% in the 2nd quarter. Allianz Asset Management GmbH now owns 255,648 shares of the industrial products company’s stock worth $46,842,000 after buying an additional 221,443 shares in the last quarter. Finally, Auto Owners Insurance Co increased its holdings in shares of Dover by 4,768.6% in the 1st quarter. Auto Owners Insurance Co now owns 189,877 shares of the industrial products company’s stock worth $33,358,000 after buying an additional 185,977 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.

Dover Trading Down 0.6%

Shares of DOV stock opened at $178.50 on Friday. The business has a 50-day moving average of $171.96 and a 200 day moving average of $177.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.04 and a quick ratio of 1.44. Dover Corporation has a 1-year low of $143.04 and a 1-year high of $222.31. The stock has a market capitalization of $24.48 billion, a PE ratio of 10.98, a P/E/G ratio of 1.40 and a beta of 1.29.

Dover (NYSE:DOV) last announced its quarterly earnings results on Thursday, June 30th. The industrial products company reported $1.55 EPS for the quarter. Dover had a return on equity of 17.62% and a net margin of 28.37%.The business had revenue of $1.78 billion for the quarter. As a group, sell-side analysts anticipate that Dover Corporation will post 9.45 earnings per share for the current year.

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. Dover’s dividend payout ratio (DPR) is presently 12.79%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group set a $200.00 price objective on shares of Dover in a report on Friday, October 24th. Citigroup reiterated a “buy” rating and issued a $226.00 price objective (up from $202.00) on shares of Dover in a report on Monday, July 14th. Wall Street Zen raised Dover from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Morgan Stanley upped their target price on Dover from $185.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 28th. Finally, Wells Fargo & Company increased their price target on shares of Dover from $180.00 to $190.00 and gave the company an “equal weight” rating in a research report on Friday, October 24th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Dover currently has an average rating of “Moderate Buy” and an average target price of $211.55.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.