Dover Corporation $DOV Stake Boosted by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Dover Corporation by 647.4% in the second quarter, acquiring an additional 221,443 shares to bring its ownership to $46.8 million.
• Dover recently declared a quarterly dividend of $0.52, representing a 1.2% yield and an increase from the previous dividend; the company's dividend payout ratio currently stands at 12.55%.
• Analysts remain optimistic about Dover's future, with eight ratings as Buy and a consensus target price increase to $212.67, indicating positive expectations for its stock performance.

Allianz Asset Management GmbH increased its position in shares of Dover Corporation (NYSE:DOV - Free Report) by 647.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 255,648 shares of the industrial products company's stock after purchasing an additional 221,443 shares during the quarter. Allianz Asset Management GmbH owned 0.19% of Dover worth $46,842,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC lifted its stake in Dover by 707.3% during the first quarter. Golden State Wealth Management LLC now owns 1,986 shares of the industrial products company's stock worth $349,000 after purchasing an additional 1,740 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Dover by 10.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,622 shares of the industrial products company's stock worth $2,227,000 after purchasing an additional 1,160 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Dover by 45.4% during the first quarter. Farther Finance Advisors LLC now owns 599 shares of the industrial products company's stock worth $106,000 after purchasing an additional 187 shares during the last quarter. Heartland Bank & Trust Co bought a new position in Dover during the first quarter worth $739,000. Finally, Hsbc Holdings PLC lifted its stake in Dover by 77.9% during the first quarter. Hsbc Holdings PLC now owns 614,098 shares of the industrial products company's stock worth $107,677,000 after purchasing an additional 268,931 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.

Dover Price Performance

Shares of NYSE DOV opened at $166.44 on Friday. Dover Corporation has a fifty-two week low of $143.04 and a fifty-two week high of $222.31. The firm's 50-day simple moving average is $172.60 and its 200 day simple moving average is $175.37. 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 stock has a market cap of $22.82 billion, a P/E ratio of 10.04, a P/E/G ratio of 1.32 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings data on Thursday, June 30th. The industrial products company reported $1.55 earnings per share for the quarter. Dover had a net margin of 29.29% and a return on equity of 18.19%. The business had revenue of $1.78 billion for the quarter. Equities analysts expect that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.2%. This is a boost from Dover's previous quarterly dividend of $0.52. The ex-dividend date was Friday, August 29th. Dover's dividend payout ratio (DPR) is presently 12.55%.

Analysts Set New Price Targets

A number of research firms have issued reports on DOV. Weiss Ratings reiterated a "buy (b-)" rating on shares of Dover in a research note on Wednesday, October 8th. Barclays cut their target price on Dover from $193.00 to $190.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 1st. JPMorgan Chase & Co. raised their target price on Dover from $217.00 to $220.00 and gave the company an "overweight" rating in a research note on Wednesday. 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 research note on Friday, July 25th. Finally, Robert W. Baird raised their target price on Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $212.67.

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.

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