FORA Capital LLC Reduces Stake 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 lowered its position in Dover Corporation (NYSE:DOV - Free Report) by 55.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,684 shares of the industrial products company's stock after selling 5,914 shares during the period. FORA Capital LLC's holdings in Dover were worth $823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. North Capital Inc. acquired a new stake in Dover in the 1st quarter valued at $29,000. N.E.W. Advisory Services LLC acquired a new position in shares of Dover during the first quarter valued at about $31,000. Costello Asset Management INC bought a new stake in shares of Dover during the first quarter worth about $35,000. Orion Capital Management LLC acquired a new stake in shares of Dover in the 4th quarter worth about $43,000. Finally, SouthState Corp bought a new position in Dover in the 1st quarter valued at about $43,000. Institutional investors own 84.46% of the company's stock.

Dover Trading Down 1.8%

NYSE:DOV opened at $175.61 on Wednesday. The firm's 50 day moving average is $182.71 and its 200 day moving average is $179.58. Dover Corporation has a 12 month low of $143.04 and a 12 month high of $222.31. The stock has a market capitalization of $24.08 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 1.42 and a beta of 1.27. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

Dover (NYSE:DOV - Get Free Report) last issued its earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.05. Dover had a return on equity of 18.19% and a net margin of 29.29%.The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the company posted $2.36 earnings per share. The business's revenue was up 5.2% on a year-over-year basis. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. Sell-side 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. Investors of record on Friday, August 29th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, August 29th. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio is currently 12.55%.

Analyst Ratings Changes

A number of analysts have commented on DOV shares. Royal Bank Of Canada boosted 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. Mizuho upped their price target on Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. Barclays increased their price target on Dover from $185.00 to $193.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Robert W. Baird lifted 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, Citigroup reiterated 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. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, 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.