Dover Corporation $DOV Shares Sold by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd has reduced its stake in Dover Corporation by 24.3%, now holding 20,220 shares valued at $3.55 million, following the sale of 6,500 shares in the 1st quarter.
• Investment firms have shown mixed activity, with Vanguard Group increasing its stake by 0.7%, and Nuveen LLC establishing a new position worth $526 million during the same quarter.
• Dover recently reported quarterly earnings of $2.44 per share, surpassing estimates, and announced a quarterly dividend of $0.52, maintaining a 1.2% yield.

USS Investment Management Ltd cut its stake in Dover Corporation (NYSE:DOV - Free Report) by 24.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,220 shares of the industrial products company's stock after selling 6,500 shares during the quarter. USS Investment Management Ltd's holdings in Dover were worth $3,554,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Legacy Financial Advisors Inc. grew its holdings in shares of Dover by 1.4% during the 1st quarter. Legacy Financial Advisors Inc. now owns 4,134 shares of the industrial products company's stock worth $726,000 after purchasing an additional 57 shares during the period. Summit Financial LLC grew its holdings in shares of Dover by 0.9% during the 1st quarter. Summit Financial LLC now owns 6,599 shares of the industrial products company's stock worth $1,159,000 after purchasing an additional 60 shares during the period. Fifth Third Wealth Advisors LLC grew its holdings in shares of Dover by 4.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,740 shares of the industrial products company's stock worth $306,000 after purchasing an additional 67 shares during the period. Premier Path Wealth Partners LLC grew its holdings in shares of Dover by 5.5% during the 1st quarter. Premier Path Wealth Partners LLC now owns 1,538 shares of the industrial products company's stock worth $270,000 after purchasing an additional 80 shares during the period. Finally, First Affirmative Financial Network grew its holdings in shares of Dover by 4.8% during the 1st quarter. First Affirmative Financial Network now owns 1,834 shares of the industrial products company's stock worth $322,000 after purchasing an additional 84 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Dover Stock Down 2.8%

Shares of DOV traded down $4.95 during midday trading on Friday, hitting $173.15. The company had a trading volume of 1,133,052 shares, compared to its average volume of 817,281. The company's 50-day simple moving average is $181.34 and its 200-day simple moving average is $178.30. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95. The firm has a market capitalization of $23.74 billion, a P/E ratio of 10.44, a P/E/G ratio of 1.42 and a beta of 1.27. Dover Corporation has a 1 year low of $143.04 and a 1 year 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 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.05. Dover had a return on equity of 18.19% and a net margin of 29.29%.The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the company earned $2.36 EPS. The business's quarterly revenue was up 5.2% on a year-over-year basis. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. As a group, sell-side analysts expect that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Robert W. Baird increased their price target on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. JPMorgan Chase & Co. raised their target price on Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Royal Bank Of Canada raised their target price on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Mizuho raised their target price on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a report on Friday, June 13th. Finally, Wells Fargo & Company raised their target price 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 issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $213.92.

About Dover

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.