FORA Capital LLC Cuts Stock Position in Dover Corporation $DOV

Key Points

• FORA Capital LLC significantly reduced its investment in Dover Corporation, cutting its shares by 55.8% to own 4,684 shares after selling 5,914 shares in the first quarter.
• Dover Corporation reported a quarterly earnings per share of $2.44, exceeding analysts' expectations, as well as a year-over-year revenue increase of 5.2% amounting to $2.05 billion.
• The company announced a dividend increase to $0.52 per share, with a payment date of September 15, contributing to an annualized yield of 1.1%.

FORA Capital LLC trimmed its stake in shares of Dover Corporation (NYSE:DOV - Free Report) by 55.8% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,684 shares of the industrial products company's stock after selling 5,914 shares during the quarter. FORA Capital LLC's holdings in Dover were worth $823,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DOV. Brighton Jones LLC lifted its position in shares of Dover by 62.1% during the 4th quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock worth $552,000 after buying an additional 1,128 shares during the last quarter. Nebula Research & Development LLC raised its position in Dover by 13.3% in the fourth quarter. Nebula Research & Development LLC now owns 2,923 shares of the industrial products company's stock valued at $548,000 after purchasing an additional 343 shares during the last quarter. Coldstream Capital Management Inc. raised its position in Dover by 3.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,887 shares of the industrial products company's stock valued at $542,000 after purchasing an additional 90 shares during the last quarter. Quarry LP raised its position in Dover by 257.0% in the fourth quarter. Quarry LP now owns 407 shares of the industrial products company's stock valued at $76,000 after purchasing an additional 293 shares during the last quarter. Finally, Northern Trust Corp raised its position in Dover by 16.6% in the fourth quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock valued at $323,896,000 after purchasing an additional 245,535 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.

Dover Trading Down 1.5%

NYSE:DOV traded down $2.70 during mid-day trading on Monday, reaching $178.89. 496,968 shares of the company's stock traded hands, compared to its average volume of 895,204. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $222.31. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 1.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.95 and a quick ratio of 1.35. The company has a 50 day moving average price of $182.78 and a 200-day moving average price of $179.77.

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

Dover Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.52 per share. This is a positive change from Dover's previous quarterly dividend of $0.52. The ex-dividend date is Friday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. Dover's dividend payout ratio (DPR) is currently 12.55%.

Analyst Ratings Changes

DOV has been the subject of several recent research reports. Mizuho increased their price target on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. JPMorgan Chase & Co. increased their price target on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Citigroup restated a "buy" rating and issued a $226.00 target price (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Royal Bank Of Canada raised their target price on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company lifted their price target on Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company 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.