Pier 88 Investment Partners LLC Buys 1,600 Shares of Dover Co. (NYSE:DOV)

Pier 88 Investment Partners LLC increased its position in Dover Co. (NYSE:DOV) by 58.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,343 shares of the industrial products company’s stock after acquiring an additional 1,600 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Dover were worth $784,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its position in shares of Dover by 153.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,633,453 shares of the industrial products company’s stock valued at $466,622,000 after buying an additional 1,595,611 shares during the period. Norges Bank bought a new stake in shares of Dover in the 4th quarter valued at about $175,275,000. Franklin Resources Inc. grew its holdings in shares of Dover by 15.4% in the fourth quarter. Franklin Resources Inc. now owns 3,689,136 shares of the industrial products company’s stock worth $567,426,000 after purchasing an additional 492,577 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Dover by 50.7% in the fourth quarter. Wellington Management Group LLP now owns 1,231,606 shares of the industrial products company’s stock worth $189,433,000 after purchasing an additional 414,481 shares during the last quarter. Finally, Interval Partners LP purchased a new position in shares of Dover during the first quarter valued at approximately $49,195,000. Institutional investors own 84.46% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on DOV. Mizuho boosted their price target on shares of Dover from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Robert W. Baird reiterated an “outperform” rating and issued a $208.00 price target on shares of Dover in a research note on Monday, July 22nd. Finally, Royal Bank of Canada lifted their target price on Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.63.

Insiders Place Their Bets

In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the transaction, the senior vice president now directly owns 47,060 shares in the company, valued at $8,706,100. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $185.00, for a total value of $225,700.00. Following the completion of the transaction, the senior vice president now owns 47,060 shares of the company’s stock, valued at $8,706,100. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 4,341 shares of Dover stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $184.59, for a total value of $801,305.19. Following the sale, the chief financial officer now directly owns 12,324 shares in the company, valued at approximately $2,274,887.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,565 shares of company stock worth $5,576,733. Company insiders own 1.30% of the company’s stock.

Dover Stock Up 0.2 %

Shares of DOV stock opened at $175.38 on Friday. The company has a 50 day simple moving average of $180.32 and a two-hundred day simple moving average of $178.06. The stock has a market cap of $24.10 billion, a P/E ratio of 16.85, a P/E/G ratio of 2.21 and a beta of 1.22. Dover Co. has a 12 month low of $127.25 and a 12 month high of $192.31. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55.

Dover (NYSE:DOV) last announced its earnings results on Thursday, July 25th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Dover had a return on equity of 24.94% and a net margin of 17.58%. Dover’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $2.05 EPS. On average, research analysts expect that Dover Co. will post 9.17 earnings per share for the current year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $0.515 dividend. This represents a $2.06 annualized dividend and a yield of 1.17%. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, August 30th. Dover’s dividend payout ratio is currently 19.79%.

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.