Dover Corporation $DOV Position Increased by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Dover in the fourth quarter, increasing holdings by 109.6% to 9,383 shares valued at about $1.83 million.
• Analysts remain broadly positive on the stock, with an average rating of “Moderate Buy” and a consensus price target of $237.36. Several firms recently lifted targets, including Baird, Wells Fargo, BMO Capital Markets, and JPMorgan.
• Dover reported Q1 earnings of $2.28 per share, slightly ahead of estimates, while revenue rose 10.1% year over year to $2.05 billion. The company also declared a quarterly dividend of $0.52 per share, implying a 1.0% yield.

Allstate Corp raised its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 109.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,383 shares of the industrial products company's stock after purchasing an additional 4,907 shares during the period. Allstate Corp's holdings in Dover were worth $1,832,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Dover by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 16,733,000 shares of the industrial products company's stock valued at $3,266,951,000 after acquiring an additional 120,341 shares during the period. State Street Corp lifted its holdings in Dover by 1.3% in the third quarter. State Street Corp now owns 6,533,361 shares of the industrial products company's stock worth $1,089,961,000 after purchasing an additional 86,212 shares during the period. Wellington Management Group LLP lifted its holdings in Dover by 16.1% in the third quarter. Wellington Management Group LLP now owns 2,130,657 shares of the industrial products company's stock worth $355,458,000 after purchasing an additional 294,856 shares during the period. Franklin Resources Inc. lifted its holdings in Dover by 13.2% in the third quarter. Franklin Resources Inc. now owns 1,664,306 shares of the industrial products company's stock worth $277,656,000 after purchasing an additional 193,878 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Dover by 4.3% in the third quarter. Fisher Asset Management LLC now owns 1,633,133 shares of the industrial products company's stock worth $272,456,000 after purchasing an additional 67,588 shares during the period. Institutional investors and hedge funds own 84.46% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DOV shares. Robert W. Baird upped their price target on shares of Dover from $255.00 to $279.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Wells Fargo & Company raised shares of Dover from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $210.00 to $230.00 in a report on Tuesday, March 17th. BMO Capital Markets upped their price target on shares of Dover from $237.00 to $250.00 and gave the company a "market perform" rating in a report on Friday, April 24th. JPMorgan Chase & Co. upped their price objective on shares of Dover from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Finally, Wall Street Zen raised shares of Dover from a "hold" rating to a "buy" rating in a research note on Sunday, May 3rd. Eight investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $237.36.

Dover Trading Down 0.3%

NYSE:DOV opened at $212.68 on Friday. The stock's 50 day moving average price is $215.03 and its 200 day moving average price is $208.17. Dover Corporation has a 52 week low of $158.97 and a 52 week high of $237.54. The company has a market capitalization of $28.64 billion, a P/E ratio of 26.52, a P/E/G ratio of 1.63 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.87.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The industrial products company reported $2.28 EPS for the quarter, topping analysts' consensus estimates of $2.27 by $0.01. Dover had a return on equity of 18.01% and a net margin of 13.30%.The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the company posted $2.05 earnings per share. The firm's revenue was up 10.1% on a year-over-year basis. Dover has set its FY 2026 guidance at 10.450-10.650 EPS. On average, research analysts forecast that Dover Corporation will post 10.62 EPS for the current fiscal year.

Dover Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. Dover's dividend payout ratio is presently 25.94%.

About Dover

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover's activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

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