New York State Teachers Retirement System Cuts Stake in Dover Corporation $DOV

Key Points

• The New York State Teachers Retirement System reduced its stake in Dover Corporation by 9.6% during the second quarter, owning 123,835 shares worth approximately $22.69 million at quarter-end.
• Dover recently announced a quarterly dividend of $0.52 per share, with a payout ratio of 12.55%, reflecting a 1.2% dividend yield.
• Analysts have mixed views on Dover's stock, with price targets ranging from $180 to $226, indicating a general expectation of continued interest in the company.

New York State Teachers Retirement System reduced its stake in Dover Corporation (NYSE:DOV - Free Report) by 9.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 123,835 shares of the industrial products company's stock after selling 13,179 shares during the quarter. New York State Teachers Retirement System owned 0.09% of Dover worth $22,690,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DOV. North Capital Inc. purchased a new position in shares of Dover in the 1st quarter worth about $29,000. N.E.W. Advisory Services LLC purchased a new position in shares of Dover in the 1st quarter worth about $31,000. Harbour Investments Inc. boosted its holdings in shares of Dover by 51.7% in the 2nd quarter. Harbour Investments Inc. now owns 176 shares of the industrial products company's stock worth $32,000 after buying an additional 60 shares during the last quarter. Truvestments Capital LLC boosted its holdings in shares of Dover by 1,005.9% in the 1st quarter. Truvestments Capital LLC now owns 188 shares of the industrial products company's stock worth $33,000 after buying an additional 171 shares during the last quarter. Finally, Investment Research & Advisory Group Inc. purchased a new position in shares of Dover in the 2nd quarter worth about $33,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Trading Up 0.2%

Shares of DOV opened at $166.44 on Friday. The business's 50-day moving average price is $172.60 and its 200-day moving average price is $175.37. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31. The stock has a market cap of $22.82 billion, a PE ratio of 10.04, a P/E/G ratio of 1.32 and a beta of 1.26. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings results on Thursday, June 30th. The industrial products company reported $1.55 earnings per share for the quarter. Dover had a return on equity of 18.19% and a net margin of 29.29%.The firm had revenue of $1.78 billion for the quarter. On average, equities analysts forecast that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. Dover's payout ratio is presently 12.55%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on DOV shares. Royal Bank Of Canada boosted their price target on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Barclays lowered their price objective on Dover from $193.00 to $190.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings restated a "buy (b-)" rating on shares of Dover in a research note on Wednesday, October 8th. Wells Fargo & Company lowered their price objective on Dover from $195.00 to $180.00 and set an "equal weight" rating on the stock in a research note on Monday, October 6th. Finally, Citigroup restated a "buy" rating and issued a $226.00 price objective (up from $202.00) on shares of Dover in a research note on Monday, July 14th. Eight investment 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 stock has an average rating of "Moderate Buy" and an average price target of $212.67.

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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