Cramer Rosenthal Mcglynn LLC Trims Holdings in Dover Corp (NYSE:DOV)

Cramer Rosenthal Mcglynn LLC decreased its stake in shares of Dover Corp (NYSE:DOV) by 32.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 470,626 shares of the industrial products company’s stock after selling 230,132 shares during the quarter. Dover makes up about 1.3% of Cramer Rosenthal Mcglynn LLC’s investment portfolio, making the stock its 23rd largest position. Cramer Rosenthal Mcglynn LLC’s holdings in Dover were worth $47,157,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. LLBH Private Wealth Management LLC purchased a new stake in Dover in the second quarter valued at $65,000. BlackRock Inc. raised its position in Dover by 3.1% in the second quarter. BlackRock Inc. now owns 12,354,483 shares of the industrial products company’s stock valued at $1,237,921,000 after purchasing an additional 371,171 shares during the period. JPMorgan Chase & Co. raised its position in Dover by 4.5% in the second quarter. JPMorgan Chase & Co. now owns 8,504,293 shares of the industrial products company’s stock valued at $838,012,000 after purchasing an additional 368,878 shares during the period. Wells Fargo & Company MN raised its position in Dover by 0.6% in the first quarter. Wells Fargo & Company MN now owns 3,154,820 shares of the industrial products company’s stock valued at $295,922,000 after purchasing an additional 18,983 shares during the period. Finally, Geode Capital Management LLC raised its position in Dover by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,908,781 shares of the industrial products company’s stock valued at $135,190,000 after purchasing an additional 122,881 shares during the period. Hedge funds and other institutional investors own 86.03% of the company’s stock.

In related news, VP William Spurgeon sold 20,049 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $98.42, for a total transaction of $1,973,222.58. Following the completion of the transaction, the vice president now directly owns 5,296 shares of the company’s stock, valued at approximately $521,232.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brad M. Cerepak sold 9,918 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $90.93, for a total value of $901,843.74. The disclosure for this sale can be found here. Insiders sold 45,383 shares of company stock valued at $4,385,834 over the last ninety days. Insiders own 1.70% of the company’s stock.



A number of research firms have commented on DOV. Barclays lifted their target price on Dover from $111.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Royal Bank of Canada lifted their target price on Dover to $97.00 and gave the company a “sector perform” rating in a research report on Wednesday. ValuEngine downgraded Dover from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Robert W. Baird lifted their target price on Dover from $100.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Citigroup lifted their target price on Dover from $113.00 to $114.00 and gave the company a “buy” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $100.21.

Shares of NYSE DOV traded up $0.80 during trading on Friday, reaching $100.47. The stock had a trading volume of 22,596 shares, compared to its average volume of 798,998. Dover Corp has a fifty-two week low of $65.83 and a fifty-two week high of $103.47. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.91 and a current ratio of 1.34. The business’s 50-day moving average price is $93.00 and its 200-day moving average price is $94.79. The company has a market cap of $14.11 billion, a P/E ratio of 20.22, a PEG ratio of 1.45 and a beta of 1.49.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, July 18th. The industrial products company reported $1.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.01. Dover had a return on equity of 29.22% and a net margin of 8.50%. The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the firm posted $1.30 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. Analysts forecast that Dover Corp will post 5.84 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.49 dividend. The ex-dividend date is Thursday, August 29th. This is a boost from Dover’s previous quarterly dividend of $0.48. This represents a $1.96 dividend on an annualized basis and a dividend yield of 1.95%. Dover’s payout ratio is presently 39.44%.

Dover Company Profile

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.

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Institutional Ownership by Quarter for Dover (NYSE:DOV)

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