Fifth Third Bancorp Acquires 40,913 Shares of Dover Corporation $DOV

Key Points

• Fifth Third Bancorp increased its stake in Dover Corporation by 128.6% in the first quarter, buying an additional 40,913 shares and bringing its total holdings to 72,715 shares valued at about $15.2 million.
• Dover reported better-than-expected quarterly earnings of $2.28 per share, though revenue of $2.05 billion came in below analyst estimates; revenue still rose 10.1% year over year.
• The company pays a quarterly dividend of $0.52 per share, equal to an annualized yield of about 1.0%, and Wall Street currently has a Moderate Buy consensus with an average price target of $241.43.

Fifth Third Bancorp raised its holdings in Dover Corporation (NYSE:DOV - Free Report) by 128.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,715 shares of the industrial products company's stock after acquiring an additional 40,913 shares during the quarter. Fifth Third Bancorp owned approximately 0.05% of Dover worth $15,157,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Dover by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 16,733,000 shares of the industrial products company's stock worth $3,266,951,000 after buying an additional 120,341 shares during the period. State Street Corp boosted its position in Dover by 3.5% in the 4th quarter. State Street Corp now owns 6,760,797 shares of the industrial products company's stock valued at $1,319,978,000 after buying an additional 227,436 shares during the period. Geode Capital Management LLC grew its stake in Dover by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 3,519,070 shares of the industrial products company's stock worth $684,348,000 after acquiring an additional 30,372 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Dover by 174.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,880,653 shares of the industrial products company's stock worth $562,419,000 after acquiring an additional 1,830,722 shares in the last quarter. Finally, Nuveen LLC increased its position in shares of Dover by 9.9% during the fourth quarter. Nuveen LLC now owns 2,623,281 shares of the industrial products company's stock worth $512,169,000 after acquiring an additional 235,454 shares during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

Dover Trading Up 0.0%

Shares of NYSE DOV opened at $214.31 on Wednesday. Dover Corporation has a 1-year low of $158.97 and a 1-year high of $237.54. The business has a fifty day moving average price of $216.78 and a 200 day moving average price of $214.84. The stock has a market capitalization of $28.86 billion, a P/E ratio of 26.72, a price-to-earnings-growth ratio of 1.63 and a beta of 1.16. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.87 and a quick ratio of 1.32.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The industrial products company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.27 by $0.01. Dover had a net margin of 13.30% and a return on equity of 18.01%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm posted $2.05 earnings per share. The company's quarterly revenue was up 10.1% on a year-over-year basis. Dover has set its FY 2026 guidance at 10.450-10.650 EPS. Equities research analysts expect that Dover Corporation will post 10.65 EPS for the current fiscal year.

Dover Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, May 29th. Dover's dividend payout ratio (DPR) is 25.94%.

Wall Street Analysts Forecast Growth

DOV has been the subject of a number of research reports. Wall Street Zen upgraded Dover from a "hold" rating to a "buy" rating in a report on Sunday, June 7th. Wells Fargo & Company raised Dover from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $210.00 to $230.00 in a research report on Tuesday, March 17th. Oppenheimer upped their target price on Dover from $242.00 to $250.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Seaport Research Partners increased their price target on Dover from $245.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings lowered Dover from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, July 6th. Eight analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $241.43.

Dover Profile

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover's activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

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