Cornerstone Wealth Management LLC Grows Stock Position in Dover Co. (NYSE:DOV)

Cornerstone Wealth Management LLC boosted its position in shares of Dover Co. (NYSE:DOV) by 2.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,681 shares of the industrial products company’s stock after acquiring an additional 704 shares during the period. Cornerstone Wealth Management LLC’s holdings in Dover were worth $4,373,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vontobel Holding Ltd. lifted its position in Dover by 7.2% during the 4th quarter. Vontobel Holding Ltd. now owns 25,421 shares of the industrial products company’s stock worth $3,910,000 after acquiring an additional 1,718 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Dover by 5.5% during the fourth quarter. Nordea Investment Management AB now owns 557,953 shares of the industrial products company’s stock worth $85,612,000 after purchasing an additional 29,096 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Dover by 9.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 226,382 shares of the industrial products company’s stock valued at $34,820,000 after buying an additional 19,156 shares during the last quarter. Vest Financial LLC increased its stake in Dover by 35.7% in the 4th quarter. Vest Financial LLC now owns 202,490 shares of the industrial products company’s stock valued at $31,145,000 after buying an additional 53,273 shares during the period. Finally, Norges Bank acquired a new position in Dover in the 4th quarter valued at $175,275,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Oppenheimer increased their target price on Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Barclays raised their price target on Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a research report on Friday, April 26th. Finally, Citigroup boosted their target price on shares of Dover from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $185.75.

Dover Price Performance

Dover stock traded up $0.01 during trading hours on Thursday, hitting $176.97. The stock had a trading volume of 514,683 shares, compared to its average volume of 1,032,514. The stock has a market capitalization of $24.32 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 2.15 and a beta of 1.22. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 0.89. Dover Co. has a 1-year low of $127.25 and a 1-year high of $188.64. The stock’s fifty day moving average is $181.41 and its two-hundred day moving average is $169.04.

Dover (NYSE:DOV) last posted its earnings results on Thursday, April 25th. The industrial products company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.07. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.03 billion. Dover had a net margin of 17.28% and a return on equity of 25.04%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the firm posted $1.94 EPS. As a group, analysts predict that Dover Co. will post 9.1 earnings per share for the current fiscal year.

Dover Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Friday, May 31st. Dover’s dividend payout ratio (DPR) is presently 19.60%.

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.