Cullinan Associates Inc. Buys Shares of 4,700 Dover Corporation $DOV

Key Points

• Cullinan Associates Inc. acquired 4,700 shares of Dover Corporation, valued at approximately $861,000, indicating growing institutional interest in the company.
• Dover's quarterly earnings exceeded expectations, reporting $2.44 EPS and $2.05 billion in revenue, reflecting a 5.2% increase year-over-year.
• The company has announced an increase in its quarterly dividend to $0.52, marking a 1.2% dividend yield and a payout ratio of 12.55%.

Cullinan Associates Inc. bought a new stake in shares of Dover Corporation (NYSE:DOV - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,700 shares of the industrial products company's stock, valued at approximately $861,000.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Dover by 0.7% in the first quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock worth $2,870,986,000 after purchasing an additional 106,679 shares during the period. Nuveen LLC bought a new position in shares of Dover in the first quarter worth approximately $526,081,000. Invesco Ltd. boosted its position in shares of Dover by 7.9% in the first quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company's stock worth $223,586,000 after purchasing an additional 93,483 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Dover by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 983,375 shares of the industrial products company's stock worth $172,759,000 after purchasing an additional 19,387 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Dover by 1.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 840,621 shares of the industrial products company's stock worth $147,680,000 after purchasing an additional 12,518 shares during the period. 84.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DOV. Robert W. Baird upped their price target on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Royal Bank Of Canada upped their target price on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Barclays dropped their target price on shares of Dover from $193.00 to $190.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 1st. Weiss Ratings restated a "buy (b-)" rating on shares of Dover in a research report on Saturday, September 27th. Finally, Mizuho upped their target price on shares of Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $213.67.

Dover Price Performance

DOV stock opened at $166.54 on Monday. Dover Corporation has a 52 week low of $143.04 and a 52 week high of $222.31. 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 fifty day simple moving average of $175.46 and a two-hundred day simple moving average of $176.42. The firm has a market capitalization of $22.84 billion, a P/E ratio of 10.04, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26.

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

Dover Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.52 dividend. This is an increase from Dover's previous quarterly dividend of $0.52. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 29th. Dover's payout ratio is currently 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.

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