Voya Investment Management LLC Sells 251,203 Shares of Dover Corporation $DOV

Key Points

• Voya Investment Management LLC has decreased its holdings in Dover Corporation by 20.4%, selling 251,203 shares, leaving them with approximately 977,976 shares valued at $171.55 million.
• Dover recently reported earnings for the quarter, with an EPS of $2.44, exceeding analyst estimates, and a revenue of $2.05 billion, representing a 5.2% year-over-year increase.
• The company has announced a quarterly dividend of $0.52, reflecting a 1.2% yield and maintaining a dividend payout ratio of 12.55%.

Voya Investment Management LLC decreased its holdings in Dover Corporation (NYSE:DOV - Free Report) by 20.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 977,976 shares of the industrial products company's stock after selling 251,203 shares during the quarter. Voya Investment Management LLC owned 0.71% of Dover worth $171,552,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in DOV. North Capital Inc. bought a new stake in Dover in the first quarter worth $29,000. N.E.W. Advisory Services LLC purchased a new stake in Dover in the first quarter worth about $31,000. Truvestments Capital LLC lifted its position in shares of Dover by 1,005.9% during the first quarter. Truvestments Capital LLC now owns 188 shares of the industrial products company's stock valued at $33,000 after buying an additional 171 shares during the last quarter. Costello Asset Management INC acquired a new position in shares of Dover during the first quarter valued at about $35,000. Finally, Ransom Advisory Ltd acquired a new position in Dover in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 84.46% of the company's stock.

Dover Stock Performance

Shares of NYSE DOV traded up $3.01 during mid-day trading on Wednesday, hitting $175.58. The company had a trading volume of 205,241 shares, compared to its average volume of 1,040,011. The stock has a market cap of $24.08 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 1.37 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 debt-to-equity ratio of 0.36, a current ratio of 1.95 and a quick ratio of 1.35. The firm's 50 day simple moving average is $180.72 and its two-hundred day simple moving average is $177.81.

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

Dover Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. Dover's dividend payout ratio is currently 12.55%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Citigroup reiterated a "buy" rating and set a $226.00 target price (up previously from $202.00) on shares of Dover in a research report on Monday, July 14th. Barclays lifted their price objective on Dover from $185.00 to $193.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Robert W. Baird boosted their target price on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Mizuho boosted their price objective on Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. Finally, Wells Fargo & Company boosted their target price on Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average 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.