Northern Trust Corp Lowers Stock Position in Dover Corp (NYSE:DOV)
Northern Trust Corp reduced its position in shares of Dover Corp (NYSE:DOV) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,150,652 shares of the industrial products company’s stock after selling 9,003 shares during the period. Northern Trust Corp’s holdings in Dover were worth $215,496,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Neuburgh Advisers LLC grew its holdings in Dover by 66.4% during the 2nd quarter. Neuburgh Advisers LLC now owns 13,634 shares of the industrial products company’s stock valued at $1,366,000 after buying an additional 5,440 shares in the last quarter. Carlson Capital L P purchased a new position in Dover during the second quarter valued at approximately $20,002,000. BerganKDV Wealth Management LLC grew its stake in Dover by 10.2% during the second quarter. BerganKDV Wealth Management LLC now owns 14,260 shares of the industrial products company’s stock valued at $1,429,000 after acquiring an additional 1,324 shares in the last quarter. King Luther Capital Management Corp grew its stake in Dover by 4.3% during the second quarter. King Luther Capital Management Corp now owns 15,442 shares of the industrial products company’s stock valued at $1,547,000 after acquiring an additional 637 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its holdings in Dover by 64.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,134 shares of the industrial products company’s stock worth $715,000 after acquiring an additional 2,800 shares during the period. 86.03% of the stock is currently owned by institutional investors.
In other Dover news, VP William Spurgeon sold 20,049 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $98.42, for a total value of $1,973,222.58. Following the completion of the transaction, the vice president now directly owns 5,296 shares in the company, valued at approximately $521,232.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brad M. Cerepak sold 9,918 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $90.93, for a total transaction of $901,843.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,383 shares of company stock valued at $4,385,834. Company insiders own 1.70% of the company’s stock.
Dover (NYSE:DOV) last released its earnings results on Thursday, July 18th. The industrial products company reported $1.56 EPS for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.01. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Dover had a return on equity of 29.22% and a net margin of 8.50%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.30 earnings per share. Analysts predict that Dover Corp will post 5.84 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.49 per share. This is a positive change from Dover’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.96 dividend on an annualized basis and a yield of 1.99%. Dover’s dividend payout ratio is presently 39.44%.
Several research firms have issued reports on DOV. ValuEngine cut shares of Dover from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird boosted their price target on shares of Dover from $100.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. Citigroup lifted their price objective on Dover from $113.00 to $114.00 and gave the company a “buy” rating in a research note on Monday. Royal Bank of Canada lifted their price objective on Dover to $97.00 and gave the company a “sector perform” rating in a research note on Wednesday. Finally, Barclays upped their target price on Dover from $111.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $99.53.
Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.
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