Alyeska Investment Group L.P. Trims Stock Holdings in Dover Corporation $DOV

Key Points

• Alyeska Investment Group L.P. has reduced its position in Dover Corporation by 65.5% as of the first quarter, now owning approximately 74,152 shares valued at $13 million.
• Despite Alyeska's reduction, other institutional investors, such as Golden State Wealth Management LLC and HSBC Holdings PLC, have significantly increased their stakes in Dover during the same period.
• Dover recently reported quarterly earnings of $2.44 per share, exceeding analyst expectations, and announced a planned dividend increase to $0.52 per share.

Alyeska Investment Group L.P. decreased its stake in Dover Corporation (NYSE:DOV - Free Report) by 65.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,152 shares of the industrial products company's stock after selling 140,933 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.05% of Dover worth $13,027,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Dover by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock worth $2,870,986,000 after acquiring an additional 106,679 shares during the period. Nuveen LLC bought a new position in shares of Dover during the first quarter valued at $526,081,000. Invesco Ltd. increased its holdings in shares of 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 buying an additional 93,483 shares in the last quarter. ProShare Advisors LLC raised its position in Dover by 1.4% in the 4th quarter. ProShare Advisors LLC now owns 1,034,790 shares of the industrial products company's stock valued at $194,127,000 after purchasing an additional 14,202 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 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 buying an additional 12,518 shares during the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on DOV shares. Robert W. Baird lifted their price target on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Mizuho boosted their price objective on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Barclays boosted their price target on Dover from $185.00 to $193.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Citigroup reissued a "buy" rating and set a $226.00 price target (up from $202.00) on shares of Dover in a research report on Monday, July 14th. Finally, 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. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

Dover Price Performance

Shares of NYSE DOV traded down $0.62 during mid-day trading on Friday, hitting $177.74. 1,047,509 shares of the stock traded hands, compared to its average volume of 832,899. The company has a market cap of $24.37 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.95 and a quick ratio of 1.35. The firm has a 50 day simple moving average of $182.39 and a two-hundred day simple moving average of $178.82. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, topping analysts' consensus estimates of $2.39 by $0.05. The company 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%. Dover's revenue was up 5.2% compared to the same quarter last year. 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, equities research analysts forecast that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a 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 payout ratio is 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.