Dover Corporation $DOV Shares Bought by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board increased its stake in Dover Corporation by 112.2%, holding 48,812 shares valued at approximately $8.58 million.
• Dover reported earnings of $2.44 per share for the last quarter, exceeding estimates by $0.05, and revenue increased by 5.2% year-over-year.
• Several analysts have raised their price targets for Dover, with Citigroup setting a new target of $226.00, indicative of strong market confidence in the company's growth.

Canada Pension Plan Investment Board grew its position in shares of Dover Corporation (NYSE:DOV - Free Report) by 112.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,812 shares of the industrial products company's stock after purchasing an additional 25,805 shares during the quarter. Canada Pension Plan Investment Board's holdings in Dover were worth $8,575,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. North Capital Inc. purchased a new position in shares of Dover during the 1st quarter valued at approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in Dover in the 1st quarter worth $31,000. Truvestments Capital LLC increased its holdings in Dover by 1,005.9% in the 1st quarter. Truvestments Capital LLC now owns 188 shares of the industrial products company's stock worth $33,000 after acquiring an additional 171 shares in the last quarter. Costello Asset Management INC purchased a new stake in Dover in the 1st quarter worth $35,000. Finally, Orion Capital Management LLC purchased a new stake in Dover in the 4th quarter worth $43,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Price Performance

Shares of Dover stock traded down $0.62 during trading hours on Friday, reaching $177.74. 1,047,509 shares of the company's stock were exchanged, compared to its average volume of 810,963. The business has a fifty day moving average of $182.39 and a two-hundred day moving average of $179.01. 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 market capitalization of $24.37 billion, a P/E ratio of 10.72, a price-to-earnings-growth ratio of 1.42 and a beta of 1.27. 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 announced its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share 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 analysts' expectations of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The company's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.36 EPS. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. As a group, research analysts predict that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 1.2%. 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. Dover's dividend payout ratio is presently 12.55%.

Analysts Set New Price Targets

DOV has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price target 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. JPMorgan Chase & Co. boosted their price target on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Barclays boosted their price target on shares of Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Citigroup reissued a "buy" rating and issued a $226.00 price target (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Finally, Wells Fargo & Company upped their target price on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $213.92.

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.