Dover Corporation $DOV Stock Purchased by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB increased its Dover stake by 17.7% in the third quarter, bringing its holdings to 172,968 shares valued at approximately $32.4 million. Institutional investors collectively own 84.46% of Dover.
• Dover reported third-quarter EPS of $2.88, beating estimates of $2.85, while revenue rose 7.5% year over year to $2.23 billion. The company also increased its quarterly dividend to $0.525 per share, implying a 1.1% annual yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $237.93, although Dover shares opened at $195.43 after recently trading down 2.2%.

E. Ohman J or Asset Management AB lifted its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 17.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 172,968 shares of the industrial products company's stock after purchasing an additional 26,019 shares during the period. Dover accounts for about 0.7% of E. Ohman J or Asset Management AB's portfolio, making the stock its 27th largest position. E. Ohman J or Asset Management AB owned 0.13% of Dover worth $32,354,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vest Financial LLC grew its holdings in Dover by 8.0% during the third quarter. Vest Financial LLC now owns 355,749 shares of the industrial products company's stock valued at $66,543,000 after purchasing an additional 26,298 shares during the period. Quadrant Capital Group LLC raised its position in shares of Dover by 1.1% during the third quarter. Quadrant Capital Group LLC now owns 5,547 shares of the industrial products company's stock worth $1,068,000 after purchasing an additional 61 shares during the period. Pinnacle Associates Ltd. increased its stake in Dover by 3.3% during the 3rd quarter. Pinnacle Associates Ltd. now owns 7,810 shares of the industrial products company's stock worth $1,461,000 after purchasing an additional 250 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Dover by 1.6% in the third quarter. Nisa Investment Advisors LLC now owns 60,454 shares of the industrial products company's stock valued at $11,308,000 after buying an additional 949 shares in the last quarter. Finally, Integrated Advisors Network LLC boosted its holdings in shares of Dover by 19.8% in the third quarter. Integrated Advisors Network LLC now owns 1,506 shares of the industrial products company's stock valued at $282,000 after buying an additional 249 shares during the period. Institutional investors own 84.46% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada dropped their target price on Dover from $227.00 to $216.00 and set a "sector perform" rating on the stock in a research report on Wednesday, October 14th. Wells Fargo & Company initiated coverage on shares of Dover in a research report on Thursday, September 24th. They set an "overweight" rating and a $229.00 price objective for the company. Wall Street Zen cut Dover from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Robert W. Baird set a $270.00 price target on Dover in a research report on Friday, July 24th. Finally, BMO Capital Markets upgraded Dover from a "market perform" rating to an "outperform" rating and cut their target price for the stock from $255.00 to $240.00 in a research note on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $237.93.

Dover Trading Down 2.2%

DOV opened at $195.43 on Friday. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.33. The firm has a market cap of $26.32 billion, a price-to-earnings ratio of 23.55, a PEG ratio of 1.75 and a beta of 1.13. Dover Corporation has a 12 month low of $170.00 and a 12 month high of $237.54. The stock has a fifty day moving average price of $193.54 and a 200-day moving average price of $207.61.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $2.88 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.03. Dover had a return on equity of 18.32% and a net margin of 13.48%. The firm had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter last year, the firm earned $2.62 EPS. The business's quarterly revenue was up 7.5% on a year-over-year basis. As a group, equities research analysts anticipate that Dover Corporation will post 10.65 earnings per share for the current fiscal year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were issued a $0.5250 dividend. The ex-dividend date of this dividend was Monday, August 31st. This is a boost from Dover's previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a yield of 1.1%. Dover's dividend payout ratio is presently 25.30%.

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.

Want to see what other hedge funds are holding DOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dover Corporation (NYSE:DOV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.