Wellington Management Group LLP Sells 25,527 Shares of Dover Corporation $DOV

Key Points

• Wellington Management Group LLP reduced its stake in Dover Corporation by selling 25,527 shares, lowering its ownership to 1.35%, valued at approximately $325 million.
• Dover's stock has received several positive upgrades from analysts, with a current average target price of $213.92 and multiple firms rating it as a "buy".
• The company declared a quarterly dividend of $0.52, signifying a yield of 1.2% with a payout ratio of 12.42%.

Wellington Management Group LLP reduced its stake in Dover Corporation (NYSE:DOV - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,851,844 shares of the industrial products company's stock after selling 25,527 shares during the period. Wellington Management Group LLP owned 1.35% of Dover worth $325,332,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its holdings in shares of Dover by 62.1% during the fourth quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock valued at $552,000 after acquiring an additional 1,128 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Dover by 1.9% during the fourth quarter. NewEdge Advisors LLC now owns 11,817 shares of the industrial products company's stock valued at $2,217,000 after acquiring an additional 215 shares during the period. Norinchukin Bank The boosted its stake in Dover by 10.3% during the 4th quarter. Norinchukin Bank The now owns 6,323 shares of the industrial products company's stock valued at $1,186,000 after purchasing an additional 593 shares during the period. MetLife Investment Management LLC boosted its stake in Dover by 1.6% during the 4th quarter. MetLife Investment Management LLC now owns 36,309 shares of the industrial products company's stock valued at $6,812,000 after purchasing an additional 574 shares during the period. Finally, MML Investors Services LLC boosted its stake in Dover by 37.4% during the 4th quarter. MML Investors Services LLC now owns 23,013 shares of the industrial products company's stock valued at $4,317,000 after purchasing an additional 6,260 shares during the period. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Trading Up 3.1%

Shares of NYSE:DOV traded up $5.48 during mid-day trading on Friday, hitting $182.89. The stock had a trading volume of 1,059,336 shares, compared to its average volume of 1,033,277. The company's 50 day moving average is $182.29 and its 200-day moving average is $180.85. The company has a market cap of $25.08 billion, a PE ratio of 11.03, a P/E/G ratio of 1.41 and a beta of 1.26. 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 quick ratio of 1.35 and a current ratio of 1.95.

Dover (NYSE:DOV - Get Free Report) last released its earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.39 by $0.05. Dover had a return on equity of 18.19% and a net margin of 29.29%.The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the company earned $2.36 earnings per share. The company'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. On average, sell-side analysts predict that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change from Dover's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, August 29th. Dover's payout ratio is currently 12.42%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DOV shares. JPMorgan Chase & Co. boosted their price objective on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Wells Fargo & Company boosted their price target on Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Mizuho boosted their price target on Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Barclays boosted their price target on Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Finally, Citigroup reaffirmed a "buy" rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Dover 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.