Resona Asset Management Co. Ltd. Increases Stock Position in Dover Corporation $DOV

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Dover Corporation by 6.8% during the first quarter, owning a total of 54,299 shares worth approximately $9.5 million.
• Dover Corporation's stock has received favorable ratings from analysts, with a current consensus rating of "Moderate Buy" and a consensus price target of $213.92.
• The company recently announced a quarterly dividend of $0.52, reflecting a total annualized dividend yield of 1.1%.

Resona Asset Management Co. Ltd. boosted its stake in Dover Corporation (NYSE:DOV - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,299 shares of the industrial products company's stock after acquiring an additional 3,434 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Dover were worth $9,523,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. North Capital Inc. bought a new position in shares of Dover during the 1st quarter worth $29,000. N.E.W. Advisory Services LLC bought a new position in Dover during the first quarter worth about $31,000. Costello Asset Management INC purchased a new position in shares of Dover in the first quarter worth about $35,000. Orion Capital Management LLC bought a new stake in shares of Dover in the fourth quarter valued at approximately $43,000. Finally, SouthState Corp purchased a new stake in shares of Dover during the 1st quarter valued at approximately $43,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Dover Price Performance

NYSE:DOV traded up $0.45 during midday trading on Monday, hitting $176.99. The company had a trading volume of 181,920 shares, compared to its average volume of 1,061,027. The company has a market capitalization of $24.27 billion, a PE ratio of 10.68, a P/E/G ratio of 1.41 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 52-week low of $143.04 and a 52-week high of $222.31. The stock's fifty day moving average price is $182.30 and its 200-day moving average price is $181.38.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Dover had a return on equity of 18.19% and a net margin of 29.29%. The company's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.36 EPS. As a group, research analysts expect that Dover Corporation will post 9.45 earnings per share for the current 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 given a dividend of $0.52 per share. The ex-dividend date 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 (DPR) is currently 12.55%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DOV shares. Mizuho boosted their target price on shares of Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a report on Friday, June 13th. Wells Fargo & Company boosted their price objective on Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Royal Bank Of Canada increased their price objective on Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Barclays lifted their target price on Dover from $185.00 to $193.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Finally, Citigroup reissued 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. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $213.92.

Dover Profile

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.