Mackenzie Financial Corp Grows Stake 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 boosted its position 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 & Exchange Commission. The institutional investor owned 22,915 shares of the industrial products company's stock after buying an additional 9,607 shares during the period. Mackenzie Financial Corp's holdings in Dover were worth $4,026,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in Dover by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,303,257 shares of the industrial products company's stock worth $618,068,000 after buying an additional 74,541 shares in the last quarter. FMR LLC lifted its holdings in shares of Dover by 1.1% in the fourth quarter. FMR LLC now owns 3,118,391 shares of the industrial products company's stock worth $585,010,000 after acquiring an additional 32,565 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 worth $409,530,000 after acquiring an additional 524,092 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Dover by 16.6% in the fourth 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 last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of Dover by 4.4% in the fourth 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 during the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DOV has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Robert W. Baird upped their price target on shares of Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Mizuho upped their target price on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. 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 report on Friday, July 25th. Finally, Wells Fargo & Company raised their price objective on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

Dover Stock Performance

Shares of NYSE:DOV traded up $1.12 during midday trading on Monday, reaching $176.09. The company had a trading volume of 1,043,894 shares, compared to its average volume of 1,238,399. Dover Corporation has a 52-week low of $143.04 and a 52-week high of $222.31. The company's 50 day moving average price is $182.64 and its 200 day moving average price is $182.88. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. The stock has a market cap of $24.15 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.39 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.39 by $0.05. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.36 earnings per share. As a group, sell-side analysts anticipate that Dover Corporation will post 9.45 EPS for the current fiscal 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.