Raymond James Financial Inc. Buys 7,903 Shares of Dover Corporation $DOV

Key Points

• Raymond James Financial Inc. increased its stake in Dover Corporation by 4.8%, owning 171,766 shares valued at approximately $30.18 million.
• Dover Corporation recently announced a quarterly dividend increase to $0.52 per share, reflecting a yield of 1.1%, set to be paid on September 15th.
• Several hedge funds, including American Century Companies Inc. and Aberdeen Group plc, have also increased their positions in Dover, indicating strong institutional interest in the stock.

Raymond James Financial Inc. raised its holdings in Dover Corporation (NYSE:DOV - Free Report) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 171,766 shares of the industrial products company's stock after buying an additional 7,903 shares during the period. Raymond James Financial Inc. owned 0.13% of Dover worth $30,176,000 at the end of the most recent reporting period.

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

Dover Trading Down 1.0%

DOV traded down $1.88 during trading on Friday, hitting $179.19. The company's stock had a trading volume of 197,978 shares, compared to its average volume of 1,051,187. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31. 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 stock's fifty day moving average price is $182.70 and its 200-day moving average price is $180.24. The firm has a market capitalization of $24.57 billion, a P/E ratio of 10.81, a PEG ratio of 1.46 and a beta of 1.26.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) 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 return on equity of 18.19% and a net margin of 29.29%.The company's revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.36 earnings per share. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. Analysts anticipate that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. Dover's payout ratio is presently 12.42%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Citigroup reaffirmed 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. Wells Fargo & Company increased their target price 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. Barclays increased their target price 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. Royal Bank Of Canada increased their target price 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. Finally, JPMorgan Chase & Co. upped their target price on Dover from $211.00 to $217.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Dover currently has a consensus rating of "Moderate Buy" and a consensus price target 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.