Magnetar Financial LLC Makes New $7.13 Million Investment in Dover Corporation $DOV

Key Points

• Magnetar Financial LLC has acquired a new stake in Dover Corporation worth approximately $7.13 million, purchasing 40,596 shares during the first quarter.
• Recent analyst reports have raised Dover's price target, with firms like JPMorgan and Mizuho setting their targets at $217 and $225, respectively, indicating a generally positive outlook.
• Dover has announced a quarterly dividend of $0.52, reflecting a 1.1% dividend yield, which is a positive update from its previous dividend payout.

Magnetar Financial LLC purchased a new position in shares of Dover Corporation (NYSE:DOV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 40,596 shares of the industrial products company's stock, valued at approximately $7,132,000.

Several other large investors have also recently bought and sold shares of DOV. Vanguard Group Inc. boosted its stake in shares of Dover by 0.7% during the first quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock valued at $2,870,986,000 after acquiring an additional 106,679 shares during the last quarter. Nuveen LLC purchased a new position in Dover during the first quarter worth about $526,081,000. Northern Trust Corp increased its position in Dover by 16.6% during the 4th quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock worth $323,896,000 after purchasing an additional 245,535 shares in the last quarter. Invesco Ltd. increased its position in Dover by 7.9% during the 1st quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company's stock worth $223,586,000 after purchasing an additional 93,483 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in Dover by 1.4% during the 4th quarter. ProShare Advisors LLC now owns 1,034,790 shares of the industrial products company's stock worth $194,127,000 after purchasing an additional 14,202 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Robert W. Baird raised their price objective on Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Royal Bank Of Canada boosted their price objective on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. lifted 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. Wells Fargo & Company lifted their target price on Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Finally, Mizuho boosted their price objective on Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $213.92.

Dover Stock Performance

Shares of NYSE DOV traded down $0.85 during trading hours on Wednesday, hitting $174.92. 177,092 shares of the company's stock were exchanged, compared to its average volume of 1,047,173. Dover Corporation has a 1-year low of $143.04 and a 1-year high of $222.31. 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 stock has a market capitalization of $23.99 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 1.42 and a beta of 1.27. The company's 50-day moving average price is $182.71 and its 200-day moving average price is $179.58.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, topping analysts' consensus estimates of $2.39 by $0.05. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Dover had a return on equity of 18.19% and a net margin of 29.29%.Dover's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.36 EPS. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. On average, sell-side analysts expect that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.52 dividend. The ex-dividend date is Friday, August 29th. This is a positive change 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 presently 12.55%.

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.