Mackenzie Financial Corp Boosts Position in Dover Corporation (NYSE:DOV)

Key Points

• Mackenzie Financial Corp raised its holdings in Dover Corporation by 72.2% in Q1, now owning 22,915 shares worth approximately $4.03 million.
• Dover reported a $2.44 EPS for the last quarter, exceeding analysts' estimates, and its revenue increased by 5.2% year-over-year to $2.05 billion.
• Several analysts have revised their price targets for Dover, with JPMorgan raising it to $217.00 and Citigroup setting a target of $226.00, reflecting a consensus rating of "Moderate Buy."

Mackenzie Financial Corp increased its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 72.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,915 shares of the industrial products company's stock after acquiring an additional 9,607 shares during the period. Mackenzie Financial Corp's holdings in Dover were worth $4,026,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in DOV. Geode Capital Management LLC increased its holdings in shares of Dover by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,303,257 shares of the industrial products company's stock valued at $618,068,000 after purchasing an additional 74,541 shares in the last quarter. FMR LLC grew its position in Dover by 1.1% during the fourth quarter. FMR LLC now owns 3,118,391 shares of the industrial products company's stock worth $585,010,000 after buying an additional 32,565 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in Dover by 31.6% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company's stock valued at $409,530,000 after buying an additional 524,092 shares in the last quarter. Northern Trust Corp lifted its position in shares of Dover by 16.6% during the 4th quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock valued at $323,896,000 after acquiring an additional 245,535 shares during the period. Finally, Voya Investment Management LLC boosted its stake in shares of Dover by 4.4% during the 4th quarter. Voya Investment Management LLC now owns 1,229,179 shares of the industrial products company's stock worth $230,477,000 after acquiring an additional 52,067 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DOV. JPMorgan Chase & Co. raised their price target on Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Wells Fargo & Company raised their target price on shares of Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Morgan Stanley initiated coverage on shares of Dover in a report on Monday, April 14th. They issued an "equal weight" rating and a $185.00 price target on the stock. Royal Bank Of Canada raised their price objective on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Finally, Robert W. Baird lifted their price objective on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Dover has a consensus rating of "Moderate Buy" and a consensus price target of $213.92.

Dover Trading Down 1.6%

Shares of NYSE:DOV traded down $2.78 during midday trading on Wednesday, reaching $174.41. The company's stock had a trading volume of 566,350 shares, compared to its average volume of 1,071,183. The firm has a market cap of $23.92 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.40 and a beta of 1.26. The business has a 50 day moving average price of $182.52 and a 200 day moving average price of $182.71. Dover Corporation has a 1 year low of $143.04 and a 1 year high of $222.31. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36.

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, beating analysts' consensus estimates of $2.39 by $0.05. Dover had a net margin of 29.29% and a return on equity of 18.19%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the company posted $2.36 EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts forecast that Dover Corporation will post 9.45 EPS for the current year.

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.