NorthRock Partners LLC Purchases New Holdings in Dover Corporation $DOV

Key Points

• NorthRock Partners LLC acquired a new position in Dover Corporation, purchasing 2,109 shares valued at approximately $386,000 during Q2.
• Analysts have recently raised their price targets for Dover, with Robert W. Baird increasing it from $219.00 to $234.00, indicating a strong outlook for the company's shares.
• Dover recently declared a quarterly dividend of $0.52, marking an increase from the previous amount, resulting in an annualized dividend yield of 1.3%.

NorthRock Partners LLC acquired a new position in shares of Dover Corporation (NYSE:DOV - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,109 shares of the industrial products company's stock, valued at approximately $386,000.

A number of other institutional investors and hedge funds have also made changes to their positions in DOV. Golden State Wealth Management LLC grew its stake in shares of Dover by 707.3% in the 1st quarter. Golden State Wealth Management LLC now owns 1,986 shares of the industrial products company's stock worth $349,000 after buying an additional 1,740 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Dover by 10.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,622 shares of the industrial products company's stock worth $2,227,000 after acquiring an additional 1,160 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Dover by 45.4% during the first quarter. Farther Finance Advisors LLC now owns 599 shares of the industrial products company's stock valued at $106,000 after acquiring an additional 187 shares in the last quarter. Heartland Bank & Trust Co purchased a new position in shares of Dover in the 1st quarter worth about $739,000. Finally, Hsbc Holdings PLC boosted its stake in Dover by 77.9% in the 1st quarter. Hsbc Holdings PLC now owns 614,098 shares of the industrial products company's stock worth $107,677,000 after purchasing an additional 268,931 shares in the last quarter. Institutional investors own 84.46% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on DOV shares. Robert W. Baird raised their price objective on shares of Dover from $219.00 to $234.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Citigroup reissued a "buy" rating and set a $226.00 price target (up previously from $202.00) on shares of Dover in a research report on Monday, July 14th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Dover in a research note on Wednesday, October 8th. Barclays reduced their target price on Dover from $193.00 to $190.00 and set an "equal weight" rating for the company in a report on Wednesday, October 1st. Finally, Royal Bank Of Canada upped their price target on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Eight 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 currently has a consensus rating of "Moderate Buy" and an average target price of $212.67.

Dover Stock Up 0.0%

Dover stock opened at $162.58 on Thursday. The stock has a market cap of $22.29 billion, a PE ratio of 9.81, a price-to-earnings-growth ratio of 1.29 and a beta of 1.26. 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 stock has a fifty day moving average of $172.89 and a 200 day moving average of $175.50. Dover Corporation has a one year low of $143.04 and a one year high of $222.31.

Dover (NYSE:DOV - Get Free Report) last announced its earnings results on Thursday, June 30th. The industrial products company reported $1.55 EPS for the quarter. The business had revenue of $1.78 billion during the quarter. Dover had a net margin of 29.29% and a return on equity of 18.19%. As a group, sell-side analysts predict that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a $0.52 dividend. The ex-dividend date was Friday, August 29th. This is an increase from Dover's previous quarterly dividend of $0.52. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. Dover's dividend payout ratio (DPR) is currently 12.55%.

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.

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