Nuveen LLC Invests $526.08 Million in Dover Corporation (NYSE:DOV)

Key Points

• Nuveen LLC acquired nearly 3 million shares of Dover Corporation, worth approximately $526 million, reflecting a 2.18% ownership stake in the company.
• Dover Corporation recently reported earnings of $2.44 per share, exceeding analysts' expectations, and the company anticipates a 9.45 earnings per share for the current year.
• The firm declared a quarterly dividend of $0.52 per share, marking a consistent payout and representing an annualized yield of 1.2%.

Nuveen LLC bought a new position in shares of Dover Corporation (NYSE:DOV - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,994,540 shares of the industrial products company's stock, valued at approximately $526,081,000. Nuveen LLC owned approximately 2.18% of Dover at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in DOV. North Capital Inc. bought a new stake in Dover during the first quarter valued at $29,000. N.E.W. Advisory Services LLC bought a new stake in Dover during the first quarter valued at $31,000. Costello Asset Management INC bought a new stake in Dover during the first quarter valued at $35,000. Orion Capital Management LLC bought a new stake in shares of Dover in the 4th quarter worth approximately $43,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Dover in the 1st quarter worth approximately $46,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Stock Down 1.1%

Shares of NYSE DOV traded down $2.00 during mid-day trading on Friday, reaching $177.40. The company had a trading volume of 205,238 shares, compared to its average volume of 1,064,026. The stock has a fifty day moving average of $182.36 and a two-hundred day moving average of $181.80. 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 company has a market capitalization of $24.33 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 1.46 and a beta of 1.26. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $222.31.

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, beating the consensus estimate of $2.39 by $0.05. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.36 earnings per share. As a group, equities research analysts expect 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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.2%. This is a boost from Dover's previous quarterly dividend of $0.52. The ex-dividend date is Friday, August 29th. Dover's dividend payout ratio is 12.42%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Mizuho upped their price target on shares of Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Wells Fargo & Company upped their price target on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Royal Bank Of Canada increased their target price on shares of Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Finally, Robert W. Baird increased their target price 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. Six research analysts have rated the stock with a hold rating and seven have issued a buy 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 $213.92.

Dover Company 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.