Carnegie Investment Counsel Makes New $1.15 Million Investment in Dover Corporation (NYSE:DOV)

Key Points

• Carnegie Investment Counsel invested approximately $1.15 million in Dover Corporation by acquiring 6,668 shares during the first quarter.
• Several hedge funds, including Machina Capital S.A.S. and Auto Owners Insurance Co, have significantly increased their holdings in Dover, highlighting growing institutional interest in the company.
• Analysts have raised their price targets for Dover, with Mizuho increasing it from $215 to $225, contributing to an average price target of $213.42 and a rating of "Moderate Buy."

Carnegie Investment Counsel bought a new position in shares of Dover Corporation (NYSE:DOV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,668 shares of the industrial products company's stock, valued at approximately $1,147,000.

A number of other hedge funds also recently modified their holdings of the stock. Machina Capital S.A.S. raised its holdings in shares of Dover by 84.9% in the 1st quarter. Machina Capital S.A.S. now owns 6,327 shares of the industrial products company's stock worth $1,112,000 after purchasing an additional 2,905 shares during the period. Abel Hall LLC bought a new stake in shares of Dover in the 1st quarter worth approximately $200,000. J. W. Coons Advisors LLC raised its holdings in shares of Dover by 5.9% in the 1st quarter. J. W. Coons Advisors LLC now owns 1,805 shares of the industrial products company's stock worth $317,000 after purchasing an additional 100 shares during the period. Auto Owners Insurance Co raised its holdings in shares of Dover by 4,768.6% in the 1st quarter. Auto Owners Insurance Co now owns 189,877 shares of the industrial products company's stock worth $33,358,000 after purchasing an additional 185,977 shares during the period. Finally, Oak Thistle LLC raised its holdings in shares of Dover by 220.6% in the 1st quarter. Oak Thistle LLC now owns 8,413 shares of the industrial products company's stock worth $1,478,000 after purchasing an additional 5,789 shares during the period. Institutional investors own 84.46% of the company's stock.

Wall Street Analyst Weigh In

DOV has been the topic of a number of research reports. Mizuho lifted their price target on shares of Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. Barclays lifted 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. JPMorgan Chase & Co. lifted their price objective on shares of Dover from $190.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Robert W. Baird lifted their price objective on shares of Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Citigroup reiterated a "buy" rating and issued a $226.00 price objective (up from $202.00) on shares of Dover in a research note on Monday, July 14th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Dover has an average rating of "Moderate Buy" and an average price target of $213.42.

Dover Stock Down 0.0%

DOV opened at $186.55 on Friday. The company has a fifty day moving average price of $182.63 and a 200-day moving average price of $183.19. The firm has a market capitalization of $25.58 billion, a P/E ratio of 11.25, a price-to-earnings-growth ratio of 1.57 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.13 and a quick ratio of 1.56. Dover Corporation has a one year low of $143.04 and a one 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 analysts' consensus estimates of $2.39 by $0.05. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.77%. The business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.36 EPS. Equities research analysts expect that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a $0.515 dividend. The ex-dividend date was Friday, May 30th. This represents a $2.06 annualized dividend and a yield of 1.10%. Dover's dividend payout ratio (DPR) is presently 12.41%.

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.

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