Tritonpoint Wealth LLC Cuts Stake in Dover Corporation $DOV

Key Points

• Tritonpoint Wealth LLC has reduced its stake in Dover Corporation by 2.7%, retaining 73,541 shares which represent about 1.2% of its total holdings.
• Multiple analysts have upgraded their price targets for Dover's stock, with Robert W. Baird increasing the target from $219.00 to $234.00, indicating a positive outlook.
• Dover recently increased its quarterly dividend to $0.52 per share, reflecting solid financial performance with a reported EPS of $2.44 for the last quarter.

Tritonpoint Wealth LLC decreased its holdings in Dover Corporation (NYSE:DOV - Free Report) by 2.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 73,541 shares of the industrial products company's stock after selling 2,061 shares during the period. Dover makes up about 1.2% of Tritonpoint Wealth LLC's holdings, making the stock its 16th biggest holding. Tritonpoint Wealth LLC owned approximately 0.05% of Dover worth $13,475,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Dover by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock valued at $2,870,986,000 after buying an additional 106,679 shares during the last quarter. Nuveen LLC bought a new stake in Dover during the 1st quarter valued at $526,081,000. Invesco Ltd. raised its holdings in Dover by 7.9% during the 1st quarter. Invesco Ltd. now owns 1,272,690 shares of the industrial products company's stock valued at $223,586,000 after buying an additional 93,483 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Dover by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 983,375 shares of the industrial products company's stock valued at $172,759,000 after buying an additional 19,387 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Dover by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 840,621 shares of the industrial products company's stock valued at $147,680,000 after buying an additional 12,518 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Robert W. Baird upped their price objective on shares of Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Citigroup restated a "buy" rating and issued a $226.00 price objective (up from $202.00) on shares of Dover in a report on Monday, July 14th. Wells Fargo & Company upped their price objective on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Barclays upped their price objective on shares of Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada upped their price objective on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $213.92.

Dover Stock Up 1.5%

Shares of Dover stock opened at $168.14 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.95 and a quick ratio of 1.35. The company has a 50-day moving average of $177.62 and a 200 day moving average of $176.95. The firm has a market cap of $23.06 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 1.34 and a beta of 1.27. Dover Corporation has a 1 year low of $143.04 and a 1 year high of $222.31.

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 net margin of 29.29% and a return on equity of 18.19%. Dover's revenue was up 5.2% compared to the same quarter last year. During the same period last year, the business earned $2.36 EPS. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. As a group, sell-side analysts anticipate that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. This is an increase from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio (DPR) is 12.55%.

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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