Family Legacy Financial Solutions LLC Invests $611,000 in Dover Corporation $DOV

Key Points

• Family Legacy Financial Solutions LLC acquired a stake of 3,336 shares in Dover Corporation valued at approximately $611,000 during the second quarter, indicating continued institutional interest in the stock.
• Dover reported quarterly earnings of $2.44 per share, exceeding analysts' expectations, with revenue increasing by 5.2% compared to the same period last year.
• The company announced a quarterly dividend of $0.52, maintaining a healthy dividend payout ratio of 12.55%, signaling strong financial stability.

Family Legacy Financial Solutions LLC acquired a new position in Dover Corporation (NYSE:DOV - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,336 shares of the industrial products company's stock, valued at approximately $611,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Dover by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock worth $2,870,986,000 after acquiring an additional 106,679 shares in the last quarter. Nuveen LLC purchased a new position in Dover in the first quarter worth $526,081,000. Invesco Ltd. increased its position in shares of Dover by 7.9% in the first quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company's stock valued at $223,586,000 after buying an additional 93,483 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Dover by 2.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 983,375 shares of the industrial products company's stock valued at $172,759,000 after acquiring an additional 19,387 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Dover by 1.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 840,621 shares of the industrial products company's stock valued at $147,680,000 after purchasing an additional 12,518 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

Dover Stock Performance

Shares of NYSE:DOV traded down $1.54 on Friday, reaching $171.26. 1,492,689 shares of the company's stock were exchanged, compared to its average volume of 822,115. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31. 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 company has a market capitalization of $23.49 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 1.36 and a beta of 1.27. The company has a fifty day moving average of $179.67 and a 200-day moving average of $177.45.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, topping 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 business had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same period in the previous year, the company earned $2.36 earnings per share. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. On average, research analysts predict that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio is currently 12.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DOV shares. Royal Bank Of Canada boosted their target price on Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. raised their target price on Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Citigroup reiterated a "buy" rating and issued a $226.00 target price (up from $202.00) on shares of Dover in a research report on Monday, July 14th. Robert W. Baird upped their price objective on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, 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 research note on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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.