Allen Investment Management Lowers stake in Dover Corp (DOV)

Dover Corp (DOV) : Allen Investment Management reduced its stake in Dover Corp by 4.67% during the most recent quarter end. The investment management company now holds a total of 343,101 shares of Dover Corp which is valued at $25,276,251 after selling 16,820 shares in Dover Corp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Dover Corp makes up approximately 1.88% of Allen Investment Management’s portfolio.

Other Hedge Funds, Including , Adage Capital Partners Gp L.l.c. boosted its stake in DOV in the latest quarter, The investment management firm added 358,291 additional shares and now holds a total of 413,956 shares of Dover Corp which is valued at $30,496,139. Dover Corp makes up approx 0.08% of Adage Capital Partners Gp L.l.c.’s portfolio.New York State Common Retirement Fund boosted its stake in DOV in the latest quarter, The investment management firm added 21,900 additional shares and now holds a total of 394,700 shares of Dover Corp which is valued at $29,077,549. Dover Corp makes up approx 0.04% of New York State Common Retirement Fund’s portfolio.New Mexico Educational Retirement Board boosted its stake in DOV in the latest quarter, The investment management firm added 900 additional shares and now holds a total of 18,033 shares of Dover Corp which is valued at $1,274,212. Dover Corp makes up approx 0.06% of New Mexico Educational Retirement Board’s portfolio.Diligent Investors boosted its stake in DOV in the latest quarter, The investment management firm added 151 additional shares and now holds a total of 11,375 shares of Dover Corp which is valued at $812,516. Dover Corp makes up approx 0.74% of Diligent Investors’s portfolio.

Dover Corp opened for trading at $72.54 and hit $72.56 on the upside on Thursday, eventually ending the session at $72.54, with a gain of 0.06% or 0.04 points. The heightened volatility saw the trading volume jump to 8,91,879 shares. Company has a market cap of $11,259 M.

On the company’s financial health, Dover Corp reported $0.88 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.86. The company had revenue of $1686.35 million for the quarter, compared to analysts expectations of $1717.11 million. The company’s revenue was down -4.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.98 EPS.

Many Wall Street Analysts have commented on Dover Corp. Dover Corp was Upgraded by Bernstein to ” Outperform” on Jun 10, 2016. Company shares were Upgraded by Robert W. Baird on Jun 8, 2016 to ” Outperform”, Firm has raised the Price Target to $ 86 from a previous price target of $66 .

Dover Corporation (Dover) is engaged in the manufacturing of equipment components and specialty systems. The Company also provides supporting engineering testing and other services. The Company operates through four business segments: Energy Engineered Systems Fluids and Refrigeration & Food Equipment. The Energy segment serves the Drilling & Production Bearings & Compression and Automation end markets and provides solutions and services for production and processing of oil natural gas liquids and gas around the world. The Engineered Systems segment manages its products and services through two business platforms Printing & Identification and Industrials. The Fluids segment is focused on the handling of critical fluids across the retail fueling chemical hygienic and industrial markets. The Refrigeration & Food Equipment segment provides equipment and systems serving the commercial refrigeration and food service industries.

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