Citigroup Inc. Trims Position in Dover Co. (NYSE:DOV)

Citigroup Inc. lowered its holdings in Dover Co. (NYSE:DOV) by 46.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,790 shares of the industrial products company’s stock after selling 87,488 shares during the quarter. Citigroup Inc. owned 0.07% of Dover worth $19,517,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. LRI Investments LLC purchased a new position in shares of Dover during the 1st quarter valued at about $27,000. McClarren Financial Advisors Inc. grew its holdings in Dover by 4,400.0% during the second quarter. McClarren Financial Advisors Inc. now owns 180 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 176 shares during the period. Ashton Thomas Securities LLC purchased a new position in Dover during the third quarter valued at approximately $33,000. Fairscale Capital LLC acquired a new position in Dover in the second quarter valued at approximately $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Dover in the 2nd quarter worth approximately $41,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DOV. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Barclays raised their target price on Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. increased their price target on Dover from $210.00 to $212.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Oppenheimer restated an “outperform” rating and issued a $215.00 price objective (up from $210.00) on shares of Dover in a research report on Wednesday, October 16th. Finally, UBS Group started coverage on Dover in a research report on Wednesday, November 13th. They set a “neutral” rating and a $217.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $208.40.

Dover Stock Performance

NYSE:DOV opened at $206.31 on Wednesday. The company has a market cap of $28.30 billion, a P/E ratio of 18.46, a P/E/G ratio of 2.75 and a beta of 1.22. Dover Co. has a twelve month low of $137.73 and a twelve month high of $207.74. The company’s 50-day moving average price is $193.70 and its 200-day moving average price is $185.61. The company has a current ratio of 1.57, a quick ratio of 1.06 and a debt-to-equity ratio of 0.53.

Dover Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.515 per share. This represents a $2.06 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Friday, November 29th. Dover’s dividend payout ratio is currently 18.43%.

Insider Activity at Dover

In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of the firm’s stock in a transaction on 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 sale, the senior vice president now directly owns 47,060 shares of the company’s stock, valued at $8,706,100. This trade represents a 2.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the transaction, the chief financial officer now directly owns 12,324 shares in the company, valued at approximately $2,156,700. The trade was a 54.59 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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.