JPMorgan Chase & Co. Lowers Stock Holdings in Dover Corporation (NYSE:DOV)

Key Points

• JPMorgan Chase & Co. reduced its stake in Dover Corporation by 1.8%, now holding approximately 9.42 million shares worth around $1.65 billion.
• Several institutional investors have increased their positions in Dover, with Citigroup Inc. raising its stake by 93.8% in the first quarter.
• Dover recently declared a quarterly dividend of $0.52 per share, maintaining a low dividend payout ratio of 12.42% and reflecting its steady financial performance.

JPMorgan Chase & Co. lowered its holdings in shares of Dover Corporation (NYSE:DOV - Free Report) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,418,794 shares of the industrial products company's stock after selling 169,487 shares during the quarter. JPMorgan Chase & Co. owned approximately 6.87% of Dover worth $1,654,694,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DOV. Townsquare Capital LLC lifted its stake in Dover by 60.2% in the 1st quarter. Townsquare Capital LLC now owns 4,121 shares of the industrial products company's stock valued at $724,000 after buying an additional 1,549 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Dover in the 1st quarter valued at about $46,000. Forsta AP Fonden lifted its position in shares of Dover by 63.9% in the first quarter. Forsta AP Fonden now owns 50,800 shares of the industrial products company's stock valued at $8,925,000 after acquiring an additional 19,800 shares in the last quarter. Citigroup Inc. lifted its position in shares of Dover by 93.8% in the first quarter. Citigroup Inc. now owns 132,858 shares of the industrial products company's stock valued at $23,341,000 after acquiring an additional 64,304 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Dover by 6.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 263,944 shares of the industrial products company's stock valued at $46,370,000 after acquiring an additional 15,074 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on DOV shares. Citigroup restated a "buy" rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Barclays raised their price target on shares of Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Robert W. Baird raised their price target on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Royal Bank Of Canada raised their price target on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research note 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 stock an "equal weight" rating in a research note on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $213.92.

Dover Stock Down 0.3%

DOV stock opened at $173.43 on Friday. Dover Corporation has a one year low of $143.04 and a one year high of $222.31. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95. The firm has a market cap of $23.78 billion, a PE ratio of 10.46, a PEG ratio of 1.38 and a beta of 1.26. The firm's 50 day moving average price is $182.22 and its 200-day moving average price is $182.22.

Dover (NYSE:DOV - Get Free Report) last posted its earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, beating analysts' consensus estimates of $2.39 by $0.05. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.03 billion. Dover had a return on equity of 18.19% and a net margin of 29.29%. During the same quarter in the previous year, the business earned $2.36 earnings per share. The company's revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities research analysts anticipate that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The business 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. This is a boost from Dover's previous quarterly dividend of $0.52. 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 12.42%.

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.

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