Inverness Counsel Ny buys $57.5 Million stake in Dover Corp (DOV)

Dover Corp (DOV) : Inverness Counsel Ny scooped up 535 additional shares in Dover Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 884,904 shares of Dover Corp which is valued at $57.5 Million.Dover Corp makes up approximately 4.54% of Inverness Counsel Ny’s portfolio.

Other Hedge Funds, Including , Royce Associates Lp reduced its stake in DOV by selling 12,500 shares or 16.23% in the most recent quarter. The Hedge Fund company now holds 64,500 shares of DOV which is valued at $4.2 Million. Dover Corp makes up approx 0.03% of Royce Associates Lp’s portfolio.Finemark National Bank Trust reduced its stake in DOV by selling 300 shares or 9.2% in the most recent quarter. The Hedge Fund company now holds 2,960 shares of DOV which is valued at $192,193. Dover Corp makes up approx 0.02% of Finemark National Bank Trust’s portfolio. Allegis Investment Advisors sold out all of its stake in DOV during the most recent quarter. The investment firm sold 100 shares of DOV which is valued $6,493.

Dover Corp opened for trading at $65.26 and hit $66.84 on the upside on Monday, eventually ending the session at $66.5, with a gain of 2.42% or 1.57 points. The heightened volatility saw the trading volume jump to 11,19,552 shares. Company has a market cap of $10,317 M.

On the company’s financial health, Dover Corp reported $0.52 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Apr 21, 2016. Analyst had a consensus of $0.58. The company had revenue of $1622.30 million for the quarter, compared to analysts expectations of $1590.96 million. The company’s revenue was down -5.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.72 EPS.

Investors should note that on May 5, 2016, Dover Corp announced a cash dividend of $0.4200. The company’s management has announced May 26, 2016 as the ex-dividend date and fixed the record date on May 31, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on Dover Corp. Dover Corp was Upgraded by BofA/Merrill to ” Buy” on May 10, 2016. Company shares were Upgraded by Seaport Global Securities on Apr 25, 2016 to ” Buy”, Firm has raised the Price Target to $ 75 from a previous price target of $59 .Company shares were Reiterated by Barclays on Apr 22, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 65 from a previous price target of $63 .

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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