Shellback Capital LP Acquires Shares of 107,052 Dover Corporation $DOV

Key Points

• Shellback Capital LP acquired 107,052 shares of Dover Corporation, valued at approximately $18.8 million, making it the company's 23rd largest holding.
• Dover Corporation's recent earnings report showed a net income growth with $2.44 EPS, slightly surpassing analyst expectations of $2.39.
• The company announced a quarterly dividend of $0.52 per share, maintaining a low payout ratio of 12.55% and indicating strong future growth potential.

Shellback Capital LP acquired a new stake in shares of Dover Corporation (NYSE:DOV - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 107,052 shares of the industrial products company's stock, valued at approximately $18,807,000. Dover accounts for 1.8% of Shellback Capital LP's portfolio, making the stock its 23rd largest holding. Shellback Capital LP owned approximately 0.08% of Dover at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DOV. Vanguard Group Inc. lifted its position in Dover by 0.7% during the first quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock valued at $2,870,986,000 after purchasing an additional 106,679 shares during the period. Nuveen LLC purchased a new stake in shares of Dover in the first quarter worth about $526,081,000. Invesco Ltd. grew its holdings in Dover by 7.9% during the first quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company's stock worth $223,586,000 after acquiring an additional 93,483 shares during the period. ProShare Advisors LLC raised its position in Dover by 1.4% during the fourth quarter. ProShare Advisors LLC now owns 1,034,790 shares of the industrial products company's stock valued at $194,127,000 after acquiring an additional 14,202 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Dover by 1.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 840,621 shares of the industrial products company's stock valued at $147,680,000 after acquiring an additional 12,518 shares during the period. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Stock Performance

DOV traded up $0.98 on Wednesday, reaching $175.66. The company had a trading volume of 882,253 shares, compared to its average volume of 1,046,772. The stock has a 50-day moving average price of $182.05 and a 200-day moving average price of $178.63. The stock has a market capitalization of $24.09 billion, a PE ratio of 10.59, a P/E/G ratio of 1.42 and a beta of 1.27. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36. Dover Corporation has a 1 year low of $143.04 and a 1 year high of $222.31.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.05. The company had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.03 billion. Dover had a return on equity of 18.19% and a net margin of 29.29%.The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.36 earnings per share. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. As a group, research analysts forecast that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.52 dividend. This is a boost from Dover's previous quarterly dividend of $0.52. The ex-dividend date is Friday, August 29th. This represents a $2.08 annualized dividend and a yield of 1.2%. Dover's payout ratio is presently 12.55%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Robert W. Baird increased their target price on Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Wells Fargo & Company raised their price target on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Mizuho increased their price target on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a report on Friday, June 13th. Finally, Royal Bank Of Canada lifted their target price on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $213.92.

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.