Palisade Capital Management LP Invests $3.34 Million in Donaldson Company, Inc. $DCI

Key Points

• Palisade Capital Management initiated a $3.34 million position in Donaldson Company during the second quarter, buying 37,183 shares. Institutional investors and hedge funds collectively own 82.81% of the stock.
• Donaldson exceeded quarterly expectations, reporting $1.06 in EPS and $995.1 million in revenue, up 5.9% year over year. Shares recently opened at $93.29, with a market capitalization of approximately $10.81 billion.
• The company declared a quarterly dividend of $0.32, equivalent to a $1.28 annualized payout and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $99.50.

Palisade Capital Management LP bought a new stake in Donaldson Company, Inc. (NYSE:DCI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 37,183 shares of the industrial products company's stock, valued at approximately $3,338,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new stake in Donaldson in the 2nd quarter valued at about $1,072,012,000. State Street Corp increased its holdings in shares of Donaldson by 0.7% during the second quarter. State Street Corp now owns 5,221,808 shares of the industrial products company's stock worth $362,132,000 after purchasing an additional 36,866 shares during the period. Geode Capital Management LLC increased its holdings in shares of Donaldson by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 2,846,214 shares of the industrial products company's stock worth $252,386,000 after purchasing an additional 15,674 shares during the period. Morgan Stanley raised its position in shares of Donaldson by 1.9% in the fourth quarter. Morgan Stanley now owns 2,542,166 shares of the industrial products company's stock valued at $225,389,000 after buying an additional 47,062 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its position in shares of Donaldson by 22.0% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,109,595 shares of the industrial products company's stock valued at $187,037,000 after buying an additional 380,419 shares in the last quarter. 82.81% of the stock is currently owned by institutional investors and hedge funds.

Donaldson Stock Performance

Shares of Donaldson stock opened at $93.29 on Wednesday. The company has a 50 day moving average of $91.55 and a 200-day moving average of $90.52. Donaldson Company, Inc. has a 1-year low of $75.58 and a 1-year high of $112.84. The company has a current ratio of 2.35, a quick ratio of 1.55 and a debt-to-equity ratio of 0.35. The company has a market cap of $10.81 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 2.11 and a beta of 0.92.

Donaldson (NYSE:DCI - Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Donaldson had a net margin of 11.52% and a return on equity of 29.17%. The business had revenue of $995.10 million for the quarter, compared to analyst estimates of $973.65 million. During the same quarter last year, the business posted $0.99 EPS. The firm's revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities research analysts forecast that Donaldson Company, Inc. will post 3.96 earnings per share for the current fiscal year.

Donaldson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be paid a $0.32 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.28 annualized dividend and a dividend yield of 1.4%. Donaldson's dividend payout ratio (DPR) is presently 34.41%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DCI. Wall Street Zen raised Donaldson from a "hold" rating to a "buy" rating in a research report on Sunday, August 9th. Robert W. Baird lifted their price objective on Donaldson from $95.00 to $105.00 and gave the company an "outperform" rating in a report on Wednesday, August 19th. Wells Fargo & Company set a $91.00 price objective on Donaldson in a report on Thursday, June 4th. Weiss Ratings upgraded Donaldson from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, August 20th. Finally, Stifel Nicolaus reduced their target price on Donaldson from $96.00 to $91.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $99.50.

Donaldson Company Profile

Donaldson Company, Inc NYSE: DCI is a global provider of filtration systems and replacement parts for a wide range of industries. The company develops and manufactures air, liquid and gas filtration solutions for engine and industrial applications, helping customers improve performance, lower emissions and extend equipment life. Donaldson's product portfolio includes engine air intake filters, fuel filters, hydraulic filters, compressor filters, dust collection systems and gas turbine air intake systems.

Serving markets such as agriculture, construction, mining, power generation, aerospace and original equipment manufacturing, Donaldson operates through two primary business segments: Engine Products and Industrial Products.

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