New York Life Investment Management LLC Cuts Stake in Dover Co. (NYSE:DOV)

New York Life Investment Management LLC cut its position in shares of Dover Co. (NYSE:DOV) by 5.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,750 shares of the industrial products company’s stock after selling 1,135 shares during the quarter. New York Life Investment Management LLC’s holdings in Dover were worth $3,345,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vontobel Holding Ltd. raised its holdings in Dover by 7.2% in the fourth quarter. Vontobel Holding Ltd. now owns 25,421 shares of the industrial products company’s stock valued at $3,910,000 after buying an additional 1,718 shares during the period. Nordea Investment Management AB raised its stake in shares of Dover by 5.5% in the 4th quarter. Nordea Investment Management AB now owns 557,953 shares of the industrial products company’s stock valued at $85,612,000 after acquiring an additional 29,096 shares during the period. Vest Financial LLC lifted its holdings in shares of Dover by 35.7% during the 4th quarter. Vest Financial LLC now owns 202,490 shares of the industrial products company’s stock valued at $31,145,000 after acquiring an additional 53,273 shares in the last quarter. Chartwell Investment Partners LLC boosted its position in Dover by 15.6% during the 3rd quarter. Chartwell Investment Partners LLC now owns 6,733 shares of the industrial products company’s stock worth $939,000 after purchasing an additional 907 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Dover by 112.9% in the 4th quarter. SG Americas Securities LLC now owns 11,409 shares of the industrial products company’s stock valued at $1,755,000 after purchasing an additional 6,050 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 18,410 shares of Dover stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $163.01, for a total value of $3,001,014.10. Following the sale, the chief financial officer now directly owns 23,909 shares in the company, valued at approximately $3,897,406.09. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Brad M. Cerepak sold 6,000 shares of Dover stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $176.71, for a total transaction of $1,060,260.00. Following the sale, the chief financial officer now directly owns 17,909 shares in the company, valued at $3,164,699.39. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brad M. Cerepak sold 18,410 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $163.01, for a total transaction of $3,001,014.10. Following the transaction, the chief financial officer now directly owns 23,909 shares in the company, valued at approximately $3,897,406.09. The disclosure for this sale can be found here. Insiders sold a total of 25,910 shares of company stock worth $4,318,059 in the last three months. 1.30% of the stock is owned by insiders.

Dover Stock Performance

DOV stock opened at $178.99 on Friday. The stock’s 50 day simple moving average is $173.44 and its 200 day simple moving average is $155.62. Dover Co. has a 12-month low of $127.25 and a 12-month high of $182.33. The firm has a market cap of $24.60 billion, a P/E ratio of 17.19, a P/E/G ratio of 1.84 and a beta of 1.25. The company has a current ratio of 1.31, a quick ratio of 0.89 and a debt-to-equity ratio of 0.58.

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

Dover Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.14%. Dover’s dividend payout ratio (DPR) is 19.60%.

Analysts Set New Price Targets

A number of brokerages have commented on DOV. Oppenheimer boosted their price objective on Dover from $187.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Seaport Res Ptn raised shares of Dover from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. Barclays upped their target price on shares of Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Wells Fargo & Company lifted their price target on shares of Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Finally, StockNews.com raised Dover from a “hold” rating to a “buy” rating in a report on Friday, April 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.75.

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.