Cornercap Investment Counsel Inc. Has $1.79 Million Stock Holdings in Dover Co. (NYSE:DOV)

Cornercap Investment Counsel Inc. lessened its holdings in shares of Dover Co. (NYSE:DOV) by 38.4% in the third quarter, Holdings Channel.com reports. The fund owned 9,308 shares of the industrial products company’s stock after selling 5,802 shares during the quarter. Dover comprises 0.5% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 25th largest holding. Cornercap Investment Counsel Inc.’s holdings in Dover were worth $1,785,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. CIBC Asset Management Inc grew its holdings in shares of Dover by 7.7% in the 3rd quarter. CIBC Asset Management Inc now owns 20,587 shares of the industrial products company’s stock valued at $3,947,000 after buying an additional 1,474 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in Dover by 13.9% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,142 shares of the industrial products company’s stock worth $794,000 after purchasing an additional 507 shares during the period. Curi RMB Capital LLC boosted its stake in Dover by 5.1% in the 3rd quarter. Curi RMB Capital LLC now owns 2,376 shares of the industrial products company’s stock worth $456,000 after purchasing an additional 116 shares during the period. KBC Group NV boosted its stake in Dover by 3.5% in the 3rd quarter. KBC Group NV now owns 30,224 shares of the industrial products company’s stock worth $5,796,000 after purchasing an additional 1,022 shares during the period. Finally, Pier 88 Investment Partners LLC lifted its position in Dover by 51.8% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 6,593 shares of the industrial products company’s stock worth $1,264,000 after buying an additional 2,250 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on DOV. Royal Bank of Canada boosted their price target on shares of Dover from $192.00 to $193.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Robert W. Baird reissued an “outperform” rating and set a $208.00 price target on shares of Dover in a research report on Monday, July 22nd. JPMorgan Chase & Co. boosted their price target on shares of Dover from $210.00 to $212.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Oppenheimer reissued an “outperform” rating and set a $215.00 price target (up from $210.00) on shares of Dover in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company boosted their price target on shares of Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $208.40.

Dover Stock Performance

Shares of NYSE:DOV opened at $202.04 on Friday. The company’s 50 day moving average price is $191.02 and its two-hundred day moving average price is $184.53. Dover Co. has a 12-month low of $136.13 and a 12-month high of $204.93. The firm has a market cap of $27.72 billion, a PE ratio of 18.07, a PEG ratio of 2.74 and a beta of 1.22. The company has a quick ratio of 1.06, a current ratio of 1.57 and a debt-to-equity ratio of 0.53.

Dover Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.515 per share. The ex-dividend date is Friday, November 29th. This represents a $2.06 annualized dividend and a dividend yield of 1.02%. Dover’s dividend payout ratio is 18.43%.

Insider Buying and Selling

In related news, CFO Brad M. Cerepak sold 14,818 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $175.00, for a total value of $2,593,150.00. Following the completion of the transaction, the chief financial officer now owns 12,324 shares of the company’s stock, valued at $2,156,700. This represents a 54.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard J. Tobin sold 25,004 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the completion of the transaction, the chief executive officer now directly owns 182,928 shares of the company’s stock, valued at approximately $33,285,578.88. The trade was a 12.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,042 shares of company stock worth $7,368,578. Corporate insiders own 1.30% of the company’s stock.

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.