Quarry LP Boosts Stock Holdings in Dover Corporation $DOV

Quarry LP raised its stake in Dover Corporation (NYSE:DOV) by 235.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,367 shares of the industrial products company’s stock after buying an additional 960 shares during the quarter. Quarry LP’s holdings in Dover were worth $240,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Dover by 0.7% in 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 buying an additional 106,679 shares in the last quarter. Nuveen LLC purchased a new position in Dover in the first quarter valued at about $526,081,000. Invesco Ltd. increased its holdings in Dover by 7.9% in the first 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 in the last quarter. ProShare Advisors LLC increased its holdings in Dover by 1.4% in the fourth quarter. ProShare Advisors LLC now owns 1,034,790 shares of the industrial products company’s stock valued at $194,127,000 after buying an additional 14,202 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Dover by 1.5% in the first 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 in the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DOV. Citigroup reaffirmed a “buy” rating and issued a $226.00 target price (up from $202.00) on shares of Dover in a report on Monday, July 14th. Royal Bank Of Canada increased their target price on shares of Dover from $203.00 to $206.00 and gave the company a “sector perform” rating in a report on Friday, July 25th. Mizuho raised their price objective on shares of Dover from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. Robert W. Baird raised their price objective on shares of Dover from $219.00 to $234.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company raised their price objective 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. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.92.

Dover Trading Down 1.5%

Shares of DOV opened at $178.89 on Monday. 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 has a 50 day simple moving average of $182.78 and a 200-day simple moving average of $179.77. Dover Corporation has a 1-year low of $143.04 and a 1-year high of $222.31. The stock has a market cap of $24.53 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 1.42 and a beta of 1.27.

Dover (NYSE:DOV) last released its earnings results on Thursday, July 24th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.39 by $0.05. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. Dover’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.36 EPS. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. Equities analysts forecast that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from Dover’s previous quarterly dividend of $0.52. Dover’s dividend payout ratio is presently 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.