Pitcairn Co. Reduces Position in Dover Co. (NYSE:DOV)

Pitcairn Co. decreased its stake in shares of Dover Co. (NYSE:DOV) by 17.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,679 shares of the industrial products company’s stock after selling 801 shares during the quarter. Pitcairn Co.’s holdings in Dover were worth $705,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Cetera Investment Advisers increased its holdings in Dover by 975.5% in the 1st quarter. Cetera Investment Advisers now owns 24,886 shares of the industrial products company’s stock valued at $4,410,000 after purchasing an additional 22,572 shares during the last quarter. ORG Partners LLC boosted its stake in shares of Dover by 1,414.2% during the second quarter. ORG Partners LLC now owns 4,255 shares of the industrial products company’s stock worth $754,000 after buying an additional 3,974 shares during the period. Swedbank AB purchased a new position in shares of Dover in the 1st quarter valued at approximately $1,581,000. QRG Capital Management Inc. increased its stake in Dover by 10.8% in the 2nd quarter. QRG Capital Management Inc. now owns 31,274 shares of the industrial products company’s stock valued at $5,643,000 after buying an additional 3,051 shares during the period. Finally, Versor Investments LP purchased a new position in Dover during the third quarter worth about $1,920,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on DOV shares. StockNews.com raised Dover from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Mizuho raised their price target on shares of Dover from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. boosted their price objective on shares of Dover from $210.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Barclays raised their target price on shares of Dover from $186.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Oppenheimer reissued an “outperform” rating and set a $215.00 price target (up previously from $210.00) on shares of Dover in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.40.

Insider Activity

In other Dover news, SVP Ivonne M. Cabrera sold 1,220 shares of Dover stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the transaction, the senior vice president now directly owns 47,060 shares of the company’s stock, valued at $8,706,100. The trade was a 2.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Brad M. Cerepak sold 14,818 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the sale, the chief financial officer now owns 12,324 shares of the company’s stock, valued at approximately $2,156,700. This represents a 54.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Dover Trading Up 1.1 %

DOV stock opened at $204.74 on Monday. The company has a quick ratio of 1.06, a current ratio of 1.57 and a debt-to-equity ratio of 0.53. The company has a market cap of $28.09 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 2.72 and a beta of 1.22. The business has a fifty day simple moving average of $193.32 and a 200-day simple moving average of $185.47. Dover Co. has a 52 week low of $137.73 and a 52 week high of $205.06.

Dover Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.515 dividend. The ex-dividend date is Friday, November 29th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.01%. Dover’s dividend payout ratio (DPR) is 18.43%.

Dover Profile

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.