Prudential PLC Cuts Position in Dover Corporation (NYSE:DOV)

Key Points

• Prudential PLC has reduced its stake in Dover Corporation by 44.8%, now holding 1,824 shares valued at $320,000.
• Several institutional investors have either purchased new stakes or significantly increased their positions in Dover, with hedge funds and other institutions owning 84.46% of the stock.
• Dover Corporation has announced a quarterly dividend of $0.52 per share, reflecting a 1.2% yield, which is an increase from the previous dividend.

Prudential PLC cut its stake in Dover Corporation (NYSE:DOV - Free Report) by 44.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,824 shares of the industrial products company's stock after selling 1,480 shares during the quarter. Prudential PLC's holdings in Dover were worth $320,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in DOV. Nuveen LLC purchased a new position in Dover in the first quarter worth $526,081,000. GAMMA Investing LLC boosted its position in shares of Dover by 35,832.0% in the 1st quarter. GAMMA Investing LLC now owns 563,054 shares of the industrial products company's stock worth $98,917,000 after purchasing an additional 561,487 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Dover in the 4th quarter worth $99,017,000. Adage Capital Partners GP L.L.C. boosted its position in shares of Dover by 31.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company's stock worth $409,530,000 after purchasing an additional 524,092 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Dover by 350.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 410,350 shares of the industrial products company's stock worth $72,090,000 after purchasing an additional 319,319 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DOV. Robert W. Baird raised their price objective on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Wells Fargo & Company raised their price objective on Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. raised their price objective on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Citigroup reissued a "buy" rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a research report on Monday, July 14th. Finally, Royal Bank Of Canada raised their price objective on Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Dover currently has a consensus rating of "Moderate Buy" and a consensus price target of $213.92.

Dover Stock Performance

Shares of DOV opened at $176.51 on Friday. The stock has a 50-day moving average of $182.30 and a two-hundred day moving average of $181.54. Dover Corporation has a one year low of $143.04 and a one year high of $222.31. 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 market cap of $24.20 billion, a P/E ratio of 10.65, a P/E/G ratio of 1.41 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.05. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.03 billion. Dover had a return on equity of 18.19% and a net margin of 29.29%. The company's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $2.36 EPS. As a group, research analysts predict that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, August 29th. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio (DPR) is 12.42%.

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.

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