State of Tennessee Department of Treasury Trims Stake in Dover Co. (NYSE:DOV)

State of Tennessee Department of Treasury decreased its position in Dover Co. (NYSE:DOV) by 16.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 71,959 shares of the industrial products company’s stock after selling 14,189 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Dover were worth $13,500,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of DOV. Wolverine Asset Management LLC grew its holdings in Dover by 78.6% in the fourth quarter. Wolverine Asset Management LLC now owns 12,500 shares of the industrial products company’s stock worth $2,345,000 after purchasing an additional 5,500 shares during the period. Westpac Banking Corp increased its holdings in shares of Dover by 1,332.8% during the fourth quarter. Westpac Banking Corp now owns 24,486 shares of the industrial products company’s stock valued at $4,594,000 after acquiring an additional 22,777 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Dover by 195.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 91,031 shares of the industrial products company’s stock worth $17,077,000 after purchasing an additional 60,235 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Dover by 3.1% in the 3rd quarter. Principal Financial Group Inc. now owns 177,844 shares of the industrial products company’s stock worth $34,100,000 after purchasing an additional 5,372 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its position in Dover by 1.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 27,626 shares of the industrial products company’s stock valued at $5,183,000 after purchasing an additional 444 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on DOV. StockNews.com cut shares of Dover from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. decreased their price objective on shares of Dover from $230.00 to $189.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company increased their target price on Dover from $200.00 to $215.00 and gave the company an “equal weight” rating in a research note on Friday, January 31st. Royal Bank of Canada lifted their target price on Dover from $196.00 to $214.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Finally, Morgan Stanley assumed coverage on Dover in a report on Monday, April 14th. They set an “equal weight” rating and a $185.00 price target on the stock. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $208.17.

Dover Stock Up 3.5 %

DOV stock opened at $163.55 on Wednesday. The company has a market cap of $22.42 billion, a price-to-earnings ratio of 8.41, a P/E/G ratio of 2.06 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.52 and a current ratio of 2.04. The business’s 50-day moving average is $179.01 and its two-hundred day moving average is $190.07. Dover Co. has a fifty-two week low of $143.04 and a fifty-two week high of $222.31.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.20 earnings per share for the quarter, hitting the consensus estimate of $2.20. Dover had a net margin of 32.95% and a return on equity of 21.03%. As a group, analysts forecast that Dover Co. will post 9.45 earnings per share for the current year.

Dover Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.515 per share. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Friday, February 28th. Dover’s payout ratio is 10.59%.

Dover Company 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.