Wolverine Asset Management LLC Reduces Holdings in Dover Corporation (NYSE:DOV)

Key Points

• Wolverine Asset Management LLC significantly reduced its stake in Dover Corporation by 60%, now holding 5,000 shares worth approximately $878,000.
• Dover Corporation reported $2.44 earnings per share for the last quarter, surpassing analyst expectations of $2.39, and experienced a 5.2% increase in quarterly revenue compared to the previous year.
• The company announced a quarterly dividend increase to $0.52 per share, reflecting a dividend yield of 1.2% and a low payout ratio of 12.42%.

Wolverine Asset Management LLC lowered its stake in Dover Corporation (NYSE:DOV - Free Report) by 60.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,000 shares of the industrial products company's stock after selling 7,500 shares during the quarter. Wolverine Asset Management LLC's holdings in Dover were worth $878,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Dover by 0.7% during the first quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock valued at $2,870,986,000 after acquiring an additional 106,679 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Dover by 31.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company's stock valued at $409,530,000 after purchasing an additional 524,092 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Dover by 16.6% during the 4th quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company's stock worth $323,896,000 after purchasing an additional 245,535 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Dover by 4.4% during the fourth quarter. Voya Investment Management LLC now owns 1,229,179 shares of the industrial products company's stock worth $230,477,000 after buying an additional 52,067 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Dover by 10.8% in the fourth quarter. Invesco Ltd. now owns 1,179,207 shares of the industrial products company's stock valued at $221,219,000 after buying an additional 114,719 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Stock Down 0.3%

DOV opened at $173.43 on Friday. Dover Corporation has a 1 year low of $143.04 and a 1 year high of $222.31. The firm has a 50 day moving average price of $182.22 and a 200 day moving average price of $182.22. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95. The company has a market cap of $23.78 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26.

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 (EPS) for the quarter, topping the consensus estimate of $2.39 by $0.05. The company 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%. The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.36 earnings per share. Sell-side analysts expect that Dover Corporation will post 9.45 earnings per share for the current year.

Dover Increases Dividend

The business also recently announced 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 is an increase 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 dividend payout ratio is presently 12.42%.

Analyst Upgrades and Downgrades

Several analysts have commented on DOV shares. Wells Fargo & Company lifted their target price on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Citigroup reaffirmed a "buy" rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a research report on Monday, July 14th. Royal Bank Of Canada upped their target price on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Morgan Stanley started coverage on Dover in a research note on Monday, April 14th. They issued an "equal weight" rating and a $185.00 price target on the stock. Finally, Mizuho upped their price objective on shares of Dover from $215.00 to $225.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $213.92.

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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