State of New Jersey Common Pension Fund D Lowers Position in Dover Corporation $DOV

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Dover Corporation by 10%, now owning 42,180 shares worth $7.41 million.
• Dover reported earnings of $2.44 per share, exceeding estimates by $0.05, and a quarterly revenue of $2.05 billion, up 5.2% year-over-year.
• The company declared a quarterly dividend of $0.52, representing a 1.2% yield and an increase from the previous dividend amount.

State of New Jersey Common Pension Fund D lessened its holdings in Dover Corporation (NYSE:DOV - Free Report) by 10.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 42,180 shares of the industrial products company's stock after selling 4,666 shares during the period. State of New Jersey Common Pension Fund D's holdings in Dover were worth $7,410,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Dover by 0.7% in the 1st 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 stake in Dover during the 1st quarter worth approximately $526,081,000. Adage Capital Partners GP L.L.C. raised its stake in Dover by 31.6% during the 4th 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 acquiring an additional 524,092 shares during the period. Northern Trust Corp raised its stake in Dover by 16.6% during the 4th quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock worth $323,896,000 after acquiring an additional 245,535 shares during the period. Finally, Invesco Ltd. raised its stake in Dover by 7.9% during the 1st quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company's stock worth $223,586,000 after acquiring an additional 93,483 shares during the period. Institutional investors own 84.46% of the company's stock.

Dover Trading Down 0.6%

NYSE DOV traded down $1.1330 on Wednesday, hitting $178.5770. 881,052 shares of the stock were exchanged, compared to its average volume of 1,140,014. 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 stock has a fifty day moving average price of $182.19 and a two-hundred day moving average price of $181.17. The firm has a market capitalization of $24.49 billion, a P/E ratio of 10.77, a P/E/G ratio of 1.43 and a beta of 1.26. Dover Corporation has a 52-week low of $143.04 and a 52-week high of $222.31.

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

Dover Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.52 per share. This is an increase from Dover's previous quarterly dividend of $0.52. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Dover's payout ratio is presently 12.42%.

Analyst Upgrades and Downgrades

A number of research firms have commented on DOV. Barclays raised their target price on shares of Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Mizuho raised their target price on shares of Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. JPMorgan Chase & Co. lifted their price objective on shares of Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Royal Bank Of Canada lifted their price objective on shares of Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company lifted their price objective on shares of Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $213.92.

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.