Dover Corporation $DOV Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Dover Corporation by 0.1%, holding 1,725,097 shares worth approximately $303 million as of the end of the first quarter.
• Dover recently reported earnings of $2.44 EPS, surpassing analyst expectations, and declared a quarterly dividend of $0.52, indicating a stable dividend yield of 1.2%.
• Analysts have raised their price targets for Dover, with a consensus rating of "Moderate Buy" and an average target price of $213.92.

Northern Trust Corp lowered its position in shares of Dover Corporation (NYSE:DOV - Free Report) by 0.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,725,097 shares of the industrial products company's stock after selling 1,426 shares during the period. Northern Trust Corp owned approximately 1.26% of Dover worth $303,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in DOV. Brooklyn Investment Group increased its holdings in Dover by 38.4% in the 1st quarter. Brooklyn Investment Group now owns 760 shares of the industrial products company's stock valued at $133,000 after purchasing an additional 211 shares during the last quarter. Mill Creek Capital Advisors LLC acquired a new stake in Dover in the 1st quarter valued at approximately $569,000. Raymond James Financial Inc. increased its holdings in Dover by 4.8% in the 1st quarter. Raymond James Financial Inc. now owns 171,766 shares of the industrial products company's stock valued at $30,176,000 after purchasing an additional 7,903 shares during the last quarter. American Century Companies Inc. increased its holdings in Dover by 9.4% in the 1st quarter. American Century Companies Inc. now owns 832,542 shares of the industrial products company's stock valued at $146,261,000 after purchasing an additional 71,196 shares during the last quarter. Finally, Element Capital Management LLC acquired a new stake in Dover in the 1st quarter valued at approximately $2,629,000. Institutional investors and hedge funds own 84.46% of the company's stock.

Analyst Upgrades and Downgrades

DOV has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Mizuho boosted their target price on shares of Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. Robert W. Baird boosted their price target on shares of Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Barclays boosted their price target on shares of Dover from $185.00 to $193.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Finally, Citigroup reaffirmed a "buy" rating and issued a $226.00 target price (up from $202.00) on shares of Dover in a report on Monday, July 14th. Seven 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, Dover currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

Dover Price Performance

Shares of DOV traded down $2.2260 during mid-day trading on Monday, reaching $180.8440. 301,580 shares of the company's stock were exchanged, compared to its average volume of 1,058,102. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36. The company has a 50-day simple moving average of $182.29 and a two-hundred day simple moving average of $180.52. Dover Corporation has a 52-week low of $143.04 and a 52-week high of $222.31. The company has a market cap of $24.80 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.46 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates of $2.39 by $0.05. The business had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The company's revenue was up 5.2% on a year-over-year basis. During the same period last year, the company posted $2.36 EPS. 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 EPS for the current fiscal 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 paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio is presently 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.