CIBC Asset Management Inc Purchases 52 Shares of Dover Corporation (DOV)

CIBC Asset Management Inc boosted its position in Dover Corporation (NYSE:DOV) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 14,710 shares of the industrial products company’s stock after buying an additional 52 shares during the period. CIBC Asset Management Inc’s holdings in Dover Corporation were worth $1,180,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its stake in shares of Dover Corporation by 2.7% in the second quarter. Janney Montgomery Scott LLC now owns 28,919 shares of the industrial products company’s stock worth $2,320,000 after buying an additional 761 shares during the period. Harbour Capital Advisors LLC increased its stake in shares of Dover Corporation by 7,922.1% in the second quarter. Harbour Capital Advisors LLC now owns 30,083 shares of the industrial products company’s stock worth $375,000 after buying an additional 29,708 shares during the period. NGAM Advisors L.P. increased its stake in shares of Dover Corporation by 21.9% in the second quarter. NGAM Advisors L.P. now owns 18,197 shares of the industrial products company’s stock worth $1,460,000 after buying an additional 3,268 shares during the period. Sumitomo Life Insurance Co. increased its stake in shares of Dover Corporation by 110.9% in the second quarter. Sumitomo Life Insurance Co. now owns 18,496 shares of the industrial products company’s stock worth $1,484,000 after buying an additional 9,724 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Dover Corporation by 141.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 11,910 shares of the industrial products company’s stock worth $955,000 after buying an additional 6,970 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Shares of Dover Corporation (NYSE DOV) opened at 85.05 on Friday. Dover Corporation has a 52-week low of $65.50 and a 52-week high of $87.63. The firm has a market capitalization of $13.25 billion, a PE ratio of 21.26 and a beta of 1.27. The company has a 50 day moving average of $83.36 and a 200 day moving average of $80.94.

Dover Corporation (NYSE:DOV) last issued its earnings results on Thursday, July 20th. The industrial products company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.03. Dover Corporation had a return on equity of 13.36% and a net margin of 8.61%. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the prior year, the company earned $0.76 EPS. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. On average, analysts anticipate that Dover Corporation will post $4.31 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.47 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. This is an increase from Dover Corporation’s previous quarterly dividend of $0.44. Dover Corporation’s dividend payout ratio is currently 44.11%.

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A number of equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Dover Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. BidaskClub downgraded shares of Dover Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Citigroup Inc. lifted their price target on shares of Dover Corporation from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. Stifel Nicolaus lifted their price target on shares of Dover Corporation from $88.00 to $91.00 and gave the stock a “hold” rating in a report on Friday, July 21st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $90.00 price target (up from $89.00) on shares of Dover Corporation in a report on Thursday, July 6th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $87.73.

In related news, Director Michael B. Stubbs sold 25,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $87.04, for a total value of $2,176,000.00. Following the transaction, the director now owns 275,344 shares in the company, valued at $23,965,941.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael B. Stubbs sold 40,000 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $83.22, for a total value of $3,328,800.00. Following the completion of the transaction, the director now owns 275,344 shares in the company, valued at approximately $22,914,127.68. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

About Dover Corporation

Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company’s segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company’s Energy segment is a provider of solutions and services for production and processing of fuels around the world.

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Institutional Ownership by Quarter for Dover Corporation (NYSE:DOV)

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