Connors Investor Services Inc. Purchases 16,511 Shares of Dover Corporation $DOV

Key Points

• Connors Investor Services Inc. increased its stake in Dover Corporation by 25.5%, owning a total of 81,363 shares valued at approximately $14.9 million.
• Dover recently announced a quarterly dividend of $0.52, resulting in an annualized dividend yield of 1.2% and a payout ratio of 12.55%.
• Multiple analysts have raised their price targets for Dover, with an average price objective now set at $212.25, reflecting a positive outlook on the stock.

Connors Investor Services Inc. increased its position in shares of Dover Corporation (NYSE:DOV - Free Report) by 25.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,363 shares of the industrial products company's stock after purchasing an additional 16,511 shares during the quarter. Connors Investor Services Inc. owned 0.06% of Dover worth $14,908,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. North Capital Inc. acquired a new position in Dover during the first quarter worth about $29,000. N.E.W. Advisory Services LLC acquired a new position in Dover during the first quarter worth about $31,000. Harbour Investments Inc. raised its stake in Dover by 51.7% during the second quarter. Harbour Investments Inc. now owns 176 shares of the industrial products company's stock worth $32,000 after acquiring an additional 60 shares in the last quarter. Truvestments Capital LLC raised its stake in Dover by 1,005.9% during the first 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. Finally, Investment Research & Advisory Group Inc. acquired a new position in Dover during the second quarter worth about $33,000. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Stock Performance

NYSE:DOV opened at $167.37 on Thursday. The company has a market capitalization of $22.95 billion, a PE ratio of 10.09, a P/E/G ratio of 1.38 and a beta of 1.26. The company has a 50 day simple moving average of $172.07 and a two-hundred day simple moving average of $175.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95. 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 announced its quarterly earnings data on Thursday, June 30th. The industrial products company reported $1.55 EPS for the quarter. The company had revenue of $1.78 billion during the quarter. Dover had a net margin of 29.29% and a return on equity of 18.19%. Research analysts anticipate 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 was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $0.52 dividend. The ex-dividend date was Friday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio (DPR) is 12.55%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. JPMorgan Chase & Co. raised their price objective on shares of Dover from $217.00 to $220.00 and gave the company an "overweight" rating in a report on Wednesday, October 15th. Barclays dropped their price objective on shares of Dover from $193.00 to $190.00 and set an "equal weight" rating for the company in a report on Wednesday, October 1st. Citigroup reiterated a "buy" rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Dover in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $212.25.

Dover Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.