Dover Corporation (NYSE:DOV) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Dover Corporation by 6.1%, owning approximately 263,944 shares worth about $46.37 million.
• Dover recently reported earnings of $2.44 per share for the last quarter, surpassing estimates and showing a 5.2% increase in revenue year-over-year.
• The company has declared a quarterly dividend of $0.52, marking a boost and representing a dividend yield of 1.2%.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Dover Corporation (NYSE:DOV - Free Report) by 6.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 263,944 shares of the industrial products company's stock after purchasing an additional 15,074 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of Dover worth $46,370,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in Dover by 62.1% during the fourth quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock worth $552,000 after purchasing an additional 1,128 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Dover by 10.8% during the fourth quarter. Invesco Ltd. now owns 1,179,207 shares of the industrial products company's stock worth $221,219,000 after purchasing an additional 114,719 shares during the period. Renaissance Technologies LLC lifted its position in shares of Dover by 11.1% in the 4th quarter. Renaissance Technologies LLC now owns 126,500 shares of the industrial products company's stock worth $23,731,000 after buying an additional 12,600 shares during the last quarter. Advisory Services Network LLC boosted its holdings in shares of Dover by 40.8% in the 4th quarter. Advisory Services Network LLC now owns 2,293 shares of the industrial products company's stock valued at $430,000 after buying an additional 665 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Dover during the 4th quarter valued at about $30,741,000. 84.46% of the stock is owned by institutional investors.

Dover Stock Performance

DOV stock opened at $173.43 on Friday. The company has a 50-day simple moving average of $182.22 and a 200 day simple moving average of $182.22. The company has a market capitalization of $23.78 billion, a P/E ratio of 10.46, a PEG ratio of 1.38 and a beta of 1.26. 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 Corporation has a fifty-two week low of $143.04 and a fifty-two week high of $222.31.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.05. The company had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $2.03 billion. Dover had a return on equity of 18.19% and a net margin of 29.29%. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $2.36 EPS. Sell-side analysts predict that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. This is a boost from Dover's previous quarterly dividend of $0.52. Dover's payout ratio is currently 12.42%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DOV. Mizuho increased their price objective on shares of Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. Barclays raised their price target on Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Morgan Stanley started coverage on Dover in a research note on Monday, April 14th. They issued an "equal weight" rating and a $185.00 target price on the stock. Finally, Wells Fargo & Company upped their price target 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 analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Dover presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

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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