Royal Bank of Canada Cuts Holdings in Dover Corporation $DOV

Key Points

• The Royal Bank of Canada has reduced its stock holdings in Dover Corporation by 17.5%, selling 62,481 shares in the first quarter and now holding approximately 0.21% of the company.
• Dover Corporation reported earnings of $2.44 per share, exceeding analyst expectations, and announced a quarterly dividend of $0.52 per share, reflecting a dividend yield of 1.2%.
• Several analysts have recently upgraded their price targets for Dover's stock, with a consensus target price of $213.92 and a general rating of "Moderate Buy."

Royal Bank of Canada lessened its holdings in Dover Corporation (NYSE:DOV - Free Report) by 17.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,681 shares of the industrial products company's stock after selling 62,481 shares during the quarter. Royal Bank of Canada owned 0.21% of Dover worth $51,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in Dover by 62.1% during the fourth quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock worth $552,000 after buying an additional 1,128 shares during the last quarter. Captrust Financial Advisors grew its position in shares of Dover by 1.0% during the 4th quarter. Captrust Financial Advisors now owns 37,706 shares of the industrial products company's stock valued at $7,074,000 after acquiring an additional 357 shares during the period. Brevan Howard Capital Management LP bought a new stake in shares of Dover in the 4th quarter worth approximately $634,000. Centiva Capital LP purchased a new position in Dover in the fourth quarter valued at approximately $349,000. Finally, Cetera Investment Advisers grew its holdings in Dover by 12.7% during the fourth quarter. Cetera Investment Advisers now owns 27,120 shares of the industrial products company's stock valued at $5,088,000 after purchasing an additional 3,048 shares during the period. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Price Performance

Shares of DOV stock traded up $2.46 during trading hours on Thursday, reaching $178.10. The stock had a trading volume of 1,031,745 shares, compared to its average volume of 804,301. The stock's fifty day simple moving average is $181.62 and its 200 day simple moving average is $178.47. The firm has a market capitalization of $24.42 billion, a PE ratio of 10.74, a PEG ratio of 1.40 and a beta of 1.27. Dover Corporation has a 12 month low of $143.04 and a 12 month high of $222.31. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

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

Dover Increases Dividend

The firm 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. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's payout ratio is 12.55%.

Wall Street Analyst Weigh In

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

Dover 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.