Royal Bank of Canada Buys 135,049 Shares of Dover Co. (NYSE:DOV)

Royal Bank of Canada grew its stake in shares of Dover Co. (NYSE:DOV) by 60.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 357,162 shares of the industrial products company’s stock after purchasing an additional 135,049 shares during the period. Royal Bank of Canada’s holdings in Dover were worth $67,004,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rafferty Asset Management LLC increased its holdings in Dover by 11.2% during the 4th quarter. Rafferty Asset Management LLC now owns 12,817 shares of the industrial products company’s stock worth $2,404,000 after purchasing an additional 1,291 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in Dover during the 4th quarter worth approximately $1,601,000. ProShare Advisors LLC increased its holdings in Dover by 1.4% during the 4th quarter. ProShare Advisors LLC now owns 1,034,790 shares of the industrial products company’s stock worth $194,127,000 after purchasing an additional 14,202 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Dover by 30.3% during the 4th quarter. Quantinno Capital Management LP now owns 16,499 shares of the industrial products company’s stock worth $3,095,000 after purchasing an additional 3,841 shares in the last quarter. Finally, Mufg Securities Americas Inc. bought a new stake in Dover during the 4th quarter worth approximately $380,000. 84.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

DOV has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on Dover from $190.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. StockNews.com lowered Dover from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Robert W. Baird reduced their target price on Dover from $238.00 to $219.00 and set an “outperform” rating for the company in a report on Friday, April 25th. UBS Group reduced their target price on Dover from $217.00 to $211.00 and set a “neutral” rating for the company in a report on Friday, January 31st. Finally, Morgan Stanley began coverage on Dover in a report on Monday, April 14th. They issued an “equal weight” rating and a $185.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $207.75.

Dover Price Performance

Shares of NYSE DOV opened at $184.19 on Wednesday. The stock has a fifty day simple moving average of $172.05 and a two-hundred day simple moving average of $188.07. Dover Co. has a 1-year low of $143.04 and a 1-year high of $222.31. The firm has a market cap of $25.25 billion, a price-to-earnings ratio of 9.47, a price-to-earnings-growth ratio of 2.06 and a beta of 1.28. The company has a current ratio of 2.04, a quick ratio of 1.52 and a debt-to-equity ratio of 0.36.

Dover (NYSE:DOV) last announced its quarterly earnings data on Thursday, April 24th. The industrial products company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.06. Dover had a return on equity of 21.03% and a net margin of 32.95%. The business had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the prior year, the company earned $1.95 earnings per share. Dover’s revenue was down .9% compared to the same quarter last year. Analysts anticipate that Dover Co. will post 9.45 earnings per share for the current year.

Dover Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $0.515 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $2.06 annualized dividend and a dividend yield of 1.12%. Dover’s dividend payout ratio is currently 12.41%.

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.