M&T Bank Corp cut its holdings in Dover Corp (NYSE:DOV) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 123,145 shares of the industrial products company’s stock after selling 2,494 shares during the quarter. M&T Bank Corp’s holdings in Dover were worth $11,890,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in Dover in the fourth quarter valued at about $118,840,000. First Trust Advisors LP increased its stake in Dover by 1,710.7% in the 1st quarter. First Trust Advisors LP now owns 564,011 shares of the industrial products company’s stock valued at $47,343,000 after purchasing an additional 532,863 shares in the last quarter. Balyasny Asset Management LLC acquired a new position in Dover during the first quarter worth $36,470,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Dover by 70.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 994,260 shares of the industrial products company’s stock worth $83,458,000 after purchasing an additional 409,846 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Dover by 26.8% in the first quarter. Alliancebernstein L.P. now owns 1,514,248 shares of the industrial products company’s stock valued at $127,106,000 after purchasing an additional 320,123 shares during the last quarter. 83.76% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE DOV opened at $102.93 on Friday. The firm has a market cap of $14.82 billion, a P/E ratio of 22.28, a price-to-earnings-growth ratio of 1.72 and a beta of 1.39. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.91 and a current ratio of 1.32. Dover Corp has a 1 year low of $62.95 and a 1 year high of $120.26. The firm’s 50 day moving average price is $98.46 and its 200 day moving average price is $98.71.
Dover (NYSE:DOV) last issued its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.20. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.46 billion. Dover had a return on equity of 27.33% and a net margin of 9.99%. The business’s revenue for the quarter was down 20.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.56 EPS. As a group, equities analysts predict that Dover Corp will post 5.19 EPS for the current year.
Several equities research analysts recently commented on the stock. Seaport Global Securities reiterated a “neutral” rating on shares of Dover in a research report on Thursday, July 23rd. Royal Bank of Canada reduced their price target on shares of Dover from $86.00 to $78.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 22nd. Deutsche Bank lowered their price target on shares of Dover from $127.00 to $99.00 and set a “hold” rating on the stock in a research report on Thursday, April 9th. Morgan Stanley lifted their price objective on Dover from $107.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Finally, Robert W. Baird upgraded Dover from a “neutral” rating to an “outperform” rating and set a $123.00 target price on the stock in a report on Friday, July 17th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $102.11.
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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