Price T Rowe Associates Inc. MD Has $249.81 Million Holdings in Dover Corporation $DOV

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Dover Corporation by 11.5%, selling 185,414 shares during the first quarter, leaving them with approximately 1.04% of Dover valued at $249.8 million.
• Dover reported $2.44 EPS for the recent quarter, exceeding analysts' estimates, and has guidance set for FY 2025 at 9.350-9.550 EPS.
• The company announced a quarterly dividend of $0.52 per share, with a yield of 1.1%, an increase from its previous dividend payout.

Price T Rowe Associates Inc. MD cut its stake in Dover Corporation (NYSE:DOV - Free Report) by 11.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,421,978 shares of the industrial products company's stock after selling 185,414 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.04% of Dover worth $249,814,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. North Capital Inc. acquired a new position in Dover in the 1st quarter worth $29,000. N.E.W. Advisory Services LLC bought a new stake in Dover during the 1st quarter worth about $31,000. Costello Asset Management INC bought a new stake in Dover during the 1st quarter worth about $35,000. Orion Capital Management LLC bought a new stake in Dover during the 4th quarter worth about $43,000. Finally, SouthState Corp bought a new stake in Dover during the 1st quarter worth about $43,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on DOV. Citigroup reissued a "buy" rating and set a $226.00 price target (up from $202.00) on shares of Dover in a research report on Monday, July 14th. Mizuho boosted 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. Barclays boosted their price target on shares of Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Robert W. Baird boosted their price target on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, 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 research report on Friday, July 25th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Dover currently has a consensus rating of "Moderate Buy" and an average price target of $213.92.

Dover Stock Performance

Dover stock traded down $1.49 during trading hours on Friday, hitting $179.58. The company had a trading volume of 93,705 shares, compared to its average volume of 1,050,591. The firm has a market cap of $24.63 billion, a PE ratio of 10.83, a PEG ratio of 1.46 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.95 and a quick ratio of 1.35. Dover Corporation has a one year low of $143.04 and a one year high of $222.31. The firm has a 50-day moving average of $182.70 and a 200 day moving average of $180.24.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings results 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 analysts' expectations of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The business's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.36 EPS. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. On average, sell-side analysts expect that Dover Corporation will post 9.45 earnings per share 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 $0.52 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $2.08 annualized dividend and a yield of 1.2%. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's payout ratio is currently 12.42%.

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.