PNC Financial Services Group Inc. Sells 3,854 Shares of Dover Corporation $DOV

PNC Financial Services Group Inc. cut its stake in shares of Dover Corporation (NYSE:DOV) by 2.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 171,683 shares of the industrial products company’s stock after selling 3,854 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Dover were worth $31,457,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Machina Capital S.A.S. raised its position in Dover by 38.8% in the second quarter. Machina Capital S.A.S. now owns 8,779 shares of the industrial products company’s stock valued at $1,609,000 after purchasing an additional 2,452 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Dover by 9.3% during the second quarter. Nordea Investment Management AB now owns 124,031 shares of the industrial products company’s stock worth $22,701,000 after purchasing an additional 10,581 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Dover by 77.9% in the first quarter. Hsbc Holdings PLC now owns 614,098 shares of the industrial products company’s stock valued at $107,677,000 after buying an additional 268,931 shares during the period. Acadian Asset Management LLC raised its holdings in Dover by 1,034.4% in the 1st quarter. Acadian Asset Management LLC now owns 34,237 shares of the industrial products company’s stock valued at $6,012,000 after buying an additional 31,219 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its position in Dover by 4.8% during the 1st quarter. Raymond James Financial Inc. now owns 171,766 shares of the industrial products company’s stock worth $30,176,000 after buying an additional 7,903 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

Analyst Ratings Changes

DOV has been the subject of several recent research reports. Oppenheimer decreased their price target on shares of Dover from $225.00 to $220.00 and set an “outperform” rating for the company in a research report on Monday, October 20th. Royal Bank Of Canada boosted their price objective on shares of Dover from $183.00 to $198.00 and gave the stock a “sector perform” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. increased their price objective on Dover from $217.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Morgan Stanley lifted their target price on Dover from $185.00 to $195.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 28th. Finally, Robert W. Baird set a $235.00 price target on Dover in a research report on Friday, October 24th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $211.55.

Dover Price Performance

Shares of NYSE DOV opened at $181.94 on Friday. The company has a market capitalization of $24.95 billion, a PE ratio of 11.19, a P/E/G ratio of 1.40 and a beta of 1.29. The company has a quick ratio of 1.44, a current ratio of 2.04 and a debt-to-equity ratio of 0.35. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31. The firm has a fifty day simple moving average of $172.48 and a 200 day simple moving average of $177.66.

Dover (NYSE:DOV) last issued its quarterly earnings results on Thursday, June 30th. The industrial products company reported $1.55 earnings per share for the quarter. Dover had a return on equity of 17.62% and a net margin of 28.37%.The firm had revenue of $1.78 billion during the quarter. On average, sell-side analysts forecast that Dover Corporation will post 9.45 EPS for the current year.

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, November 28th. Dover’s payout ratio is presently 12.79%.

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.