HM Payson & Co. Lowers Stock Position in Dover Corporation $DOV

HM Payson & Co. lessened its holdings in shares of Dover Corporation (NYSE:DOV) by 22.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 97,575 shares of the industrial products company’s stock after selling 28,871 shares during the period. HM Payson & Co. owned approximately 0.07% of Dover worth $16,278,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Dover by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 16,573,281 shares of the industrial products company’s stock valued at $3,036,722,000 after purchasing an additional 231,146 shares in the last quarter. State Street Corp grew its position in shares of Dover by 2.7% in the 2nd quarter. State Street Corp now owns 6,447,149 shares of the industrial products company’s stock worth $1,181,311,000 after acquiring an additional 171,934 shares in the last quarter. Geode Capital Management LLC raised its stake in Dover by 1.0% during the second quarter. Geode Capital Management LLC now owns 3,453,121 shares of the industrial products company’s stock worth $629,996,000 after acquiring an additional 33,539 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Dover by 10.6% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,376,279 shares of the industrial products company’s stock valued at $435,406,000 after buying an additional 227,653 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Dover by 717.4% in the 2nd quarter. First Trust Advisors LP now owns 1,716,256 shares of the industrial products company’s stock worth $314,470,000 after buying an additional 1,506,288 shares in the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Price Performance

Shares of DOV stock opened at $200.21 on Monday. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $222.31. The firm has a fifty day moving average of $186.25 and a 200-day moving average of $180.46. The firm has a market capitalization of $27.46 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.54 and a beta of 1.31. 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 released its quarterly earnings results on Thursday, June 30th. The industrial products company reported $1.55 earnings per share for the quarter. Dover had a net margin of 28.37% and a return on equity of 17.62%. The company had revenue of $1.78 billion during the quarter. On average, equities research analysts forecast that Dover Corporation will post 9.45 earnings per share for the current year.

Dover Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, November 28th. Dover’s payout ratio is 12.79%.

Insider Buying and Selling

In other news, SVP Ivonne M. Cabrera sold 2,630 shares of Dover stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $190.80, for a total transaction of $501,804.00. Following the transaction, the senior vice president owned 72,968 shares in the company, valued at approximately $13,922,294.40. The trade was a 3.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher B. Woenker sold 1,627 shares of Dover stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $186.04, for a total value of $302,687.08. Following the completion of the transaction, the chief financial officer directly owned 2,553 shares in the company, valued at approximately $474,960.12. This represents a 38.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DOV. Morgan Stanley increased their price objective on Dover from $185.00 to $195.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 28th. UBS Group set a $200.00 price target on shares of Dover in a report on Friday, October 24th. Wells Fargo & Company reaffirmed a “positive” rating on shares of Dover in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Dover in a research report on Monday, December 22nd. Finally, Oppenheimer boosted their target price on shares of Dover from $225.00 to $228.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $210.64.

About Dover

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.