Summit Investment Advisors Inc. Cuts Stock Holdings in Dover Corporation $DOV

Summit Investment Advisors Inc. lessened its position in Dover Corporation (NYSE:DOV) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,379 shares of the industrial products company’s stock after selling 743 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Dover were worth $1,296,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Dover by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company’s stock valued at $2,870,986,000 after purchasing an additional 106,679 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Dover during the first quarter worth $526,081,000. Invesco Ltd. raised its position in shares of Dover by 7.9% in the first quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company’s stock valued at $223,586,000 after buying an additional 93,483 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Dover by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 983,375 shares of the industrial products company’s stock worth $172,759,000 after buying an additional 19,387 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Dover by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 840,621 shares of the industrial products company’s stock worth $147,680,000 after acquiring an additional 12,518 shares during the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Dover Price Performance

NYSE:DOV opened at $184.07 on Wednesday. Dover Corporation has a 52 week low of $143.04 and a 52 week high of $222.31. The stock’s fifty day moving average is $172.23 and its two-hundred day moving average is $177.59. The company has a market capitalization of $25.25 billion, a P/E ratio of 11.32, a P/E/G ratio of 1.40 and a beta of 1.29. The company has a quick ratio of 1.44, a current ratio of 2.04 and a debt-to-equity ratio of 0.35.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, June 30th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter. The firm had revenue of $1.78 billion during the quarter. Dover had a return on equity of 17.62% and a net margin of 28.37%. Equities analysts expect that Dover Corporation will post 9.45 EPS for the current year.

Dover Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 28th. Dover’s payout ratio is 12.79%.

Wall Street Analyst Weigh In

DOV has been the subject of a number of recent research reports. Royal Bank Of Canada increased their price objective on shares of Dover from $183.00 to $198.00 and gave the company a “sector perform” rating in a report on Friday, October 24th. Oppenheimer cut their price target on Dover from $225.00 to $220.00 and set an “outperform” rating for the company in a report on Monday, October 20th. Wells Fargo & Company boosted their price objective on Dover from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Friday, October 24th. Barclays raised their target price on Dover from $190.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Friday, October 24th. Finally, UBS Group set a $200.00 price target on shares of Dover in a research report on Friday, October 24th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.