Riverhead Capital Management LLC Grows Stock Holdings in Dover Corp (NYSE:DOV)
Riverhead Capital Management LLC boosted its stake in Dover Corp (NYSE:DOV) by 64.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,134 shares of the industrial products company’s stock after acquiring an additional 2,800 shares during the period. Riverhead Capital Management LLC’s holdings in Dover were worth $715,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of DOV. LLBH Private Wealth Management LLC acquired a new stake in Dover during the 2nd quarter worth approximately $65,000. Prudential Financial Inc. raised its stake in shares of Dover by 225.4% during the second quarter. Prudential Financial Inc. now owns 551,949 shares of the industrial products company’s stock worth $55,305,000 after purchasing an additional 382,344 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Dover by 4.5% during the second quarter. JPMorgan Chase & Co. now owns 8,504,293 shares of the industrial products company’s stock worth $838,012,000 after purchasing an additional 368,878 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Dover by 60.6% during the second quarter. Renaissance Technologies LLC now owns 428,500 shares of the industrial products company’s stock worth $42,936,000 after purchasing an additional 161,700 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Dover by 1.4% during the first quarter. BlackRock Inc. now owns 11,983,312 shares of the industrial products company’s stock worth $1,124,033,000 after purchasing an additional 161,427 shares during the period. Hedge funds and other institutional investors own 86.03% of the company’s stock.
In related news, insider Brad M. Cerepak sold 9,918 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $90.93, for a total value of $901,843.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP William Spurgeon sold 20,049 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $521,232.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,383 shares of company stock valued at $4,385,834. 1.70% of the stock is currently owned by corporate insiders.
Dover stock traded up $0.99 during midday trading on Wednesday, reaching $98.04. The company’s stock had a trading volume of 29,578 shares, compared to its average volume of 779,199. The firm has a market capitalization of $14.09 billion, a PE ratio of 19.74, a P/E/G ratio of 1.42 and a beta of 1.49. Dover Corp has a fifty-two week low of $65.83 and a fifty-two week high of $103.47. The stock’s 50 day simple moving average is $92.97 and its 200 day simple moving average is $94.76. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.91 and a current ratio of 1.34.
Dover (NYSE:DOV) last posted its quarterly earnings results on Thursday, July 18th. The industrial products company reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.01. Dover had a net margin of 8.50% and a return on equity of 29.22%. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the company posted $1.30 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts predict that Dover Corp will post 5.84 earnings per share for the current year.
The business also recently announced 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. This represents a $1.96 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Thursday, August 29th. Dover’s dividend payout ratio is presently 39.44%.
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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