Sustainable Insight Capital Management LLC Boosts Stake in Dover Corporation (NYSE:DOV)

Key Points

• Sustainable Insight Capital Management LLC increased its stake in Dover Corporation by 9.7%, owning 17,881 shares valued at approximately $3.14 million, making it the firm's 22nd largest holding.
• JPMorgan Chase & Co. raised its target price for Dover shares from $211.00 to $217.00 with an "overweight" rating, contributing to a consensus rating of "Moderate Buy" and a target price of $213.92.
• Dover Corporation declared a quarterly dividend of $0.52 per share, reflecting an annual yield of 1.2%, and will be paid to investors recorded as of August 29th.

Sustainable Insight Capital Management LLC raised its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 9.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,881 shares of the industrial products company's stock after buying an additional 1,581 shares during the period. Dover comprises approximately 1.6% of Sustainable Insight Capital Management LLC's investment portfolio, making the stock its 22nd biggest position. Sustainable Insight Capital Management LLC's holdings in Dover were worth $3,141,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of DOV. North Capital Inc. bought a new stake in shares of Dover during the first quarter valued at approximately $29,000. N.E.W. Advisory Services LLC bought a new position in Dover in the first quarter worth approximately $31,000. Costello Asset Management INC bought a new position in Dover in the first quarter worth approximately $35,000. Orion Capital Management LLC bought a new position in Dover in the fourth quarter worth approximately $43,000. Finally, SouthState Corp bought a new position in Dover in the first quarter worth approximately $43,000. Hedge funds and other institutional investors own 84.46% of the company's stock.

Dover Stock Performance

Shares of DOV traded down $2.89 during trading hours on Friday, reaching $176.51. 620,331 shares of the company traded hands, compared to its average volume of 1,065,725. The stock has a market capitalization of $24.20 billion, a P/E ratio of 10.65, a P/E/G ratio of 1.46 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 12-month low of $143.04 and a 12-month high of $222.31. The business has a fifty day moving average price of $182.36 and a 200-day moving average price of $181.80.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the company earned $2.36 earnings per share. The firm's revenue was up 5.2% on a year-over-year basis. Equities analysts anticipate that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.08 annualized dividend and a yield of 1.2%. Dover's dividend payout ratio is currently 12.42%.

Analyst Ratings Changes

A number of equities analysts recently commented on DOV shares. Mizuho boosted 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. Royal Bank Of Canada boosted 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. Wells Fargo & Company lifted their price target on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Citigroup reaffirmed a "buy" rating and issued a $226.00 price target (up from $202.00) on shares of Dover in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target 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.