Boston Partners Increases Position in Dover Corp (DOV)

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Boston Partners increased its position in Dover Corp (NYSE:DOV) by 110.3% in the second quarter, HoldingsChannel.com reports. The firm owned 5,131,152 shares of the industrial products company’s stock after acquiring an additional 2,691,480 shares during the period. Boston Partners’ holdings in Dover were worth $375,601,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in DOV. Daiwa Securities Group Inc. increased its position in Dover by 1.0% in the first quarter. Daiwa Securities Group Inc. now owns 103,812 shares of the industrial products company’s stock worth $10,196,000 after purchasing an additional 1,025 shares during the period. Rhumbline Advisers increased its position in Dover by 1.3% in the first quarter. Rhumbline Advisers now owns 297,212 shares of the industrial products company’s stock worth $29,192,000 after purchasing an additional 3,699 shares during the period. Dupont Capital Management Corp increased its position in Dover by 27.7% in the first quarter. Dupont Capital Management Corp now owns 11,577 shares of the industrial products company’s stock worth $1,137,000 after purchasing an additional 2,514 shares during the period. NuWave Investment Management LLC increased its position in Dover by 7,544.4% in the first quarter. NuWave Investment Management LLC now owns 2,752 shares of the industrial products company’s stock worth $267,000 after purchasing an additional 2,716 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its position in Dover by 158.5% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 6,375 shares of the industrial products company’s stock worth $626,000 after purchasing an additional 3,909 shares during the period. Hedge funds and other institutional investors own 89.54% of the company’s stock.

Dover stock opened at $82.42 on Friday. The stock has a market cap of $12.27 billion, a PE ratio of 17.49, a P/E/G ratio of 1.43 and a beta of 1.32. Dover Corp has a 1 year low of $67.06 and a 1 year high of $88.11. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.35 and a quick ratio of 0.93.

Dover (NYSE:DOV) last posted its earnings results on Thursday, July 19th. The industrial products company reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.09. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.78 billion. Dover had a return on equity of 18.66% and a net margin of 9.64%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.04 EPS. equities analysts forecast that Dover Corp will post 4.83 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be given a dividend of $0.48 per share. This is a positive change from Dover’s previous quarterly dividend of $0.47. This represents a $1.92 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, August 30th. Dover’s payout ratio is presently 46.65%.

In related news, SVP Jay L. Kloosterboer sold 14,745 shares of the business’s stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $78.67, for a total value of $1,159,989.15. Following the completion of the transaction, the senior vice president now directly owns 23,096 shares in the company, valued at approximately $1,816,962.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brad M. Cerepak sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $75.83, for a total value of $1,516,600.00. Following the completion of the transaction, the chief financial officer now owns 61,801 shares of the company’s stock, valued at $4,686,369.83. The disclosure for this sale can be found here. Insiders sold a total of 87,245 shares of company stock valued at $7,011,239 over the last quarter. 2.50% of the stock is owned by insiders.

A number of brokerages recently commented on DOV. Barclays lowered their price objective on Dover from $120.00 to $113.00 and set an “overweight” rating for the company in a research report on Monday, April 30th. BMO Capital Markets lowered their price objective on Dover from $118.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, April 30th. Citigroup decreased their target price on Dover from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Monday, April 30th. Stifel Nicolaus boosted their target price on Dover from $102.00 to $104.00 and gave the stock a “hold” rating in a research report on Monday, April 30th. Finally, Zacks Investment Research lowered Dover from a “buy” rating to a “hold” rating in a research report on Tuesday, April 17th. Thirteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $92.62.

About Dover

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for the production and processing of fuels for drilling and production, bearings and compression, and automation end markets.

Further Reading: What is a Leveraged Buyout (LBO)?

Want to see what other hedge funds are holding DOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dover Corp (NYSE:DOV).

Institutional Ownership by Quarter for Dover (NYSE:DOV)

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