Albar Capital Partners LLP Buys Shares of 65,024 Dover Corporation $DOV

Key Points

• Albar Capital Partners LLP invested $11.42 million in Dover Corporation, acquiring 65,024 shares, making it the 8th largest holding in their portfolio.
• Dover Corporation reported better-than-expected earnings of $2.44 per share for the previous quarter, exceeding the analysts' estimates of $2.39.
• The company announced an increase in its quarterly dividend to $0.52, with a dividend yield of 1.1%, payable on September 15th.

Albar Capital Partners LLP bought a new position in Dover Corporation (NYSE:DOV - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 65,024 shares of the industrial products company's stock, valued at approximately $11,423,000. Dover makes up 5.2% of Albar Capital Partners LLP's holdings, making the stock its 8th largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC raised its holdings in shares of Dover by 62.1% in the fourth quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock worth $552,000 after buying an additional 1,128 shares during the period. Quarry LP grew its stake in Dover by 257.0% in the fourth quarter. Quarry LP now owns 407 shares of the industrial products company's stock worth $76,000 after purchasing an additional 293 shares in the last quarter. Northern Trust Corp grew its stake in Dover by 16.6% in the fourth quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock worth $323,896,000 after purchasing an additional 245,535 shares in the last quarter. Lido Advisors LLC grew its stake in Dover by 1.4% in the fourth quarter. Lido Advisors LLC now owns 4,918 shares of the industrial products company's stock worth $923,000 after purchasing an additional 69 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Dover by 117.0% in the fourth quarter. AQR Capital Management LLC now owns 117,099 shares of the industrial products company's stock worth $21,887,000 after purchasing an additional 63,138 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 analysts have issued reports on DOV shares. Citigroup reaffirmed a "buy" rating and set a $226.00 target price (up previously from $202.00) on shares of Dover in a research report on Monday, July 14th. Robert W. Baird increased their price objective on Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a report on Friday, July 25th. JPMorgan Chase & Co. increased their price objective on Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Mizuho increased their price objective on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a report on Friday, June 13th. Finally, Wells Fargo & Company increased their price objective on Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $213.92.

Dover Price Performance

Shares of Dover stock traded down $1.11 on Wednesday, hitting $174.67. 200,586 shares of the company were exchanged, compared to its average volume of 1,047,314. The stock has a market capitalization of $23.95 billion, a price-to-earnings ratio of 10.54, a price-to-earnings-growth 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. The company has a 50-day moving average price of $182.71 and a 200 day moving average price of $179.58. 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 released its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.39 by $0.05. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.36 EPS. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. As a group, sell-side analysts predict that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. Dover's dividend payout ratio is presently 12.55%.

About Dover

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.