Dover Corporation $DOV Stake Increased by ProShare Advisors LLC

Key Points

• ProShare Advisors increased its Dover stake by 4.9% in the third quarter, bringing its holdings to 788,983 shares worth approximately $147.6 million. Institutional investors collectively own 84.46% of Dover’s outstanding stock.
• Dover reported quarterly earnings of $2.88 per share, exceeding estimates of $2.85, while revenue rose 7.5% year over year to $2.23 billion. The company also raised its quarterly dividend to $0.525 per share, representing a 1.0% annual yield.
• Analyst sentiment remains favorable, with 11 Buy ratings and five Holds; Dover has a consensus rating of “Moderate Buy” and an average price target of $238.60, compared with a recent share price of $207.66.

ProShare Advisors LLC raised its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 788,983 shares of the industrial products company's stock after buying an additional 36,601 shares during the period. ProShare Advisors LLC owned about 0.59% of Dover worth $147,579,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Callan Family Office LLC purchased a new stake in shares of Dover in the 2nd quarter valued at approximately $702,000. Concurrent Investment Advisors LLC raised its stake in Dover by 239.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 14,204 shares of the industrial products company's stock valued at $3,186,000 after purchasing an additional 10,020 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in Dover by 1,356.0% in the second quarter. Squarepoint Ops LLC now owns 25,989 shares of the industrial products company's stock valued at $5,829,000 after acquiring an additional 24,204 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Dover by 99.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 14,701 shares of the industrial products company's stock valued at $3,297,000 after purchasing an additional 7,322 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in Dover by 5.0% during the 2nd quarter. Hsbc Holdings PLC now owns 941,695 shares of the industrial products company's stock worth $211,269,000 after buying an additional 44,854 shares during the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Stock Performance

Shares of DOV stock opened at $207.66 on Friday. The stock has a fifty day moving average price of $193.97 and a 200 day moving average price of $209.58. Dover Corporation has a 1 year low of $176.40 and a 1 year high of $237.54. The stock has a market cap of $27.62 billion, a PE ratio of 24.20, a P/E/G ratio of 1.79 and a beta of 1.13. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.95.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $2.88 EPS for the quarter, beating analysts' consensus estimates of $2.85 by $0.03. Dover had a return on equity of 18.68% and a net margin of 13.60%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the company earned $2.62 earnings per share. The company's quarterly revenue was up 7.5% compared to the same quarter last year. Sell-side analysts forecast that Dover Corporation will post 10.72 earnings per share for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were given a dividend of $0.5250 per share. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, August 31st. Dover's payout ratio is 24.48%.

Analyst Ratings Changes

DOV has been the subject of a number of analyst reports. Weiss Ratings cut shares of Dover from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, September 2nd. Robert W. Baird set a $258.00 price target on shares of Dover in a report on Friday, October 23rd. BMO Capital Markets upgraded Dover from a "market perform" rating to an "outperform" rating and reduced their target price for the company from $255.00 to $240.00 in a research note on Friday, July 24th. Wall Street Zen cut Dover from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Royal Bank Of Canada boosted their price objective on shares of Dover from $216.00 to $219.00 and gave the stock a "sector perform" rating in a report on Friday, October 23rd. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Dover currently has a consensus rating of "Moderate Buy" and a consensus price target of $238.60.

About Dover

Dover Corporation NYSE: DOV is a diversified manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including fluid handling, equipment manufacturing, clean energy, fueling, refrigeration, heating and cooling, printing, and vehicle service.

The company's products include pumps, compressors, controls, dispensing and fueling equipment, refrigeration systems, heat-transfer technologies, industrial machinery, vehicle lifts and service equipment, and components used in engineered industrial applications.

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