Convergence Financial LLC Takes $730,000 Position in Dover Corporation (NYSE:DOV)

Convergence Financial LLC purchased a new position in Dover Corporation (NYSE:DOV - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,157 shares of the industrial products company's stock, valued at approximately $730,000.

Several other institutional investors have also recently added to or reduced their stakes in DOV. Vanguard Group Inc. raised its stake in Dover by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,235,456 shares of the industrial products company's stock valued at $3,045,772,000 after buying an additional 57,453 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Dover by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,303,257 shares of the industrial products company's stock valued at $618,068,000 after acquiring an additional 74,541 shares during the last quarter. FMR LLC raised its position in shares of Dover by 1.1% during the 4th quarter. FMR LLC now owns 3,118,391 shares of the industrial products company's stock valued at $585,010,000 after acquiring an additional 32,565 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Dover by 31.6% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company's stock worth $409,530,000 after purchasing an additional 524,092 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Dover by 16.6% in the fourth quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock worth $323,896,000 after purchasing an additional 245,535 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada restated a "sector perform" rating and issued a $176.00 price target on shares of Dover in a research report on Friday, April 25th. Wall Street Zen lowered shares of Dover from a "buy" rating to a "hold" rating in a research note on Wednesday, March 26th. Robert W. Baird decreased their target price on Dover from $238.00 to $219.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Barclays increased their price target on Dover from $180.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 24th. Finally, 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. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $208.58.

Dover Stock Performance

Shares of DOV stock opened at $183.17 on Friday. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $222.31. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.13 and a quick ratio of 1.56. The firm has a market capitalization of $25.11 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.76 and a beta of 1.27. The business has a 50 day simple moving average of $176.89 and a 200 day simple moving average of $183.54.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The industrial products company reported $2.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.06. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.88 billion. Dover had a return on equity of 19.54% and a net margin of 28.85%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.95 EPS. On average, equities research analysts anticipate that Dover Corporation will post 9.45 EPS for the current 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 dividend on an annualized basis and a yield of 1.12%. Dover's dividend payout ratio is presently 12.41%.

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.

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