Rafferty Asset Management LLC Cuts Stake in Dover Corporation $DOV

Key Points

• Rafferty Asset Management LLC reduced its holdings in Dover Corporation by 20%, owning 10,249 shares after selling 2,568 shares during the first quarter.
• Dover recently announced better-than-expected quarterly earnings with $2.44 earnings per share, surpassing analysts' estimates of $2.39.
• The company increased its quarterly dividend to $0.52 per share, marking a consistent payout ratio of 12.42% and a dividend yield of 1.2%.

Rafferty Asset Management LLC reduced its position in shares of Dover Corporation (NYSE:DOV - Free Report) by 20.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,249 shares of the industrial products company's stock after selling 2,568 shares during the quarter. Rafferty Asset Management LLC's holdings in Dover were worth $1,801,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Quantitative Investment Management LLC purchased a new stake in Dover in the 1st quarter worth approximately $230,000. Smartleaf Asset Management LLC raised its holdings in Dover by 19.1% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,503 shares of the industrial products company's stock worth $263,000 after purchasing an additional 241 shares in the last quarter. Haverford Trust Co boosted its stake in shares of Dover by 7.7% during the 1st quarter. Haverford Trust Co now owns 5,009 shares of the industrial products company's stock valued at $880,000 after purchasing an additional 357 shares in the last quarter. Kestra Advisory Services LLC boosted its position in Dover by 0.6% during the 1st quarter. Kestra Advisory Services LLC now owns 55,437 shares of the industrial products company's stock valued at $9,739,000 after acquiring an additional 350 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its holdings in shares of Dover by 0.4% during the 1st quarter. 1832 Asset Management L.P. now owns 28,588 shares of the industrial products company's stock worth $5,022,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

Dover Stock Performance

Shares of Dover stock traded up $2.14 during trading hours on Thursday, reaching $176.87. 285,172 shares of the stock traded hands, compared to its average volume of 1,045,876. Dover Corporation has a one year low of $143.04 and a one year high of $222.31. The firm has a market capitalization of $24.25 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.42 and a beta of 1.27. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average price of $182.60 and a 200 day moving average price of $179.55.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.39 by $0.05. Dover had a net margin of 29.29% and a return on equity of 18.19%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm posted $2.36 earnings per share. The firm's revenue was up 5.2% compared to the same quarter last year. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. On average, equities research analysts expect that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently announced 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 yield of 1.2%. The ex-dividend date is Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio (DPR) is 12.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays upped their price target on Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Wells Fargo & Company raised their target price on shares of Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Royal Bank Of Canada upped their price target on Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. increased their target price on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Robert W. Baird lifted their price target on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Dover presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

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.