Concentric Capital Strategies LP Acquires New Shares in Dover Corporation $DOV

Key Points

• Concentric Capital Strategies LP invested approximately $12.56 million to acquire 71,488 shares of Dover Corporation, making it the fund's 14th largest position.
• Dover Corporation reported quarterly earnings of $2.44 per share, exceeding expectations by $0.05, and a net margin of 29.29%.
• The company announced a quarterly dividend of $0.52 per share, reflecting an increase from its previous dividend, with a yield of 1.2%.

Concentric Capital Strategies LP purchased a new position in shares of Dover Corporation (NYSE:DOV - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 71,488 shares of the industrial products company's stock, valued at approximately $12,559,000. Dover comprises about 1.2% of Concentric Capital Strategies LP's portfolio, making the stock its 14th biggest position. Concentric Capital Strategies LP owned about 0.05% of Dover at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DOV. Brighton Jones LLC increased its stake in Dover by 62.1% during the fourth quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock worth $552,000 after acquiring an additional 1,128 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in Dover during the fourth quarter worth about $1,175,000. Captrust Financial Advisors grew its stake in shares of Dover by 1.0% in the fourth quarter. Captrust Financial Advisors now owns 37,706 shares of the industrial products company's stock valued at $7,074,000 after buying an additional 357 shares in the last quarter. Bridgefront Capital LLC grew its stake in shares of Dover by 18.2% in the fourth quarter. Bridgefront Capital LLC now owns 2,584 shares of the industrial products company's stock valued at $485,000 after buying an additional 398 shares in the last quarter. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Dover in the fourth quarter valued at about $634,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Barclays increased their target price on Dover from $185.00 to $193.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Royal Bank Of Canada increased their target price on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. increased their price target on Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a report on Monday, July 28th. 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 increased their price target on Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $213.92.

Dover Stock Performance

Shares of DOV traded down $3.08 during mid-day trading on Tuesday, hitting $174.92. The stock had a trading volume of 187,504 shares, compared to its average volume of 1,044,301. The company has a market cap of $23.99 billion, a PE ratio of 10.55, a PEG ratio of 1.42 and a beta of 1.27. The company's fifty day simple moving average is $182.28 and its two-hundred day simple moving average is $178.66. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36. Dover Corporation has a fifty-two week low of $143.04 and a fifty-two week high of $222.31.

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

Dover Increases Dividend

The company 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 $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. Dover's payout ratio is 12.55%.

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.