Harfst & Associates Inc. Acquires New Holdings in Dover Corporation $DOV

Key Points

• Harfst & Associates Inc. has acquired a new stake of 3,724 shares in Dover Corporation valued at approximately $654,000 during the first quarter.
• Several analysts have increased their target prices for Dover, with JPMorgan raising it to $217.00 and Mizuho to $225.00, indicating a general positive outlook for the stock.
• Dover has recently increased its quarterly dividend to $0.52, reflecting a yield of 1.1% and maintaining a low payout ratio of 12.42%.

Harfst & Associates Inc. bought a new stake in shares of Dover Corporation (NYSE:DOV - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,724 shares of the industrial products company's stock, valued at approximately $654,000.

Other hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its stake in shares of Dover by 707.3% in the 1st quarter. Golden State Wealth Management LLC now owns 1,986 shares of the industrial products company's stock worth $349,000 after purchasing an additional 1,740 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Dover by 10.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,622 shares of the industrial products company's stock worth $2,227,000 after purchasing an additional 1,160 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Dover by 45.4% in the 1st quarter. Farther Finance Advisors LLC now owns 599 shares of the industrial products company's stock worth $106,000 after purchasing an additional 187 shares in the last quarter. Heartland Bank & Trust Co purchased a new stake in shares of Dover in the 1st quarter worth $739,000. Finally, GAMMA Investing LLC increased its stake in shares of Dover by 104.5% in the 1st quarter. GAMMA Investing LLC now owns 3,205 shares of the industrial products company's stock worth $563,000 after purchasing an additional 1,638 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on DOV. Wells Fargo & Company upped their price objective on Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Citigroup reaffirmed a "buy" rating and issued a $226.00 target price (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Royal Bank Of Canada upped their target price on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Finally, Robert W. Baird upped their target price on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

Dover Price Performance

Shares of DOV traded up $1.3150 during midday trading on Tuesday, hitting $178.4650. 260,924 shares of the company traded hands, compared to its average volume of 1,058,321. The firm has a 50 day moving average of $182.23 and a 200-day moving average of $181.19. Dover Corporation has a 52 week low of $143.04 and a 52 week high of $222.31. The stock has a market cap of $24.47 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 1.41 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95.

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

Dover Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from Dover's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, August 29th. Dover's dividend payout ratio is 12.42%.

Dover 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.