VIRGINIA RETIREMENT SYSTEMS ET Al Takes $12.88 Million Position in Dover Corporation $DOV

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Dover Corporation (NYSE:DOV) in the second quarter, HoldingsChannel reports. The fund bought 70,300 shares of the industrial products company’s stock, valued at approximately $12,881,000.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of 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 acquired a new stake in shares of Dover in the first quarter valued at about $526,081,000. Invesco Ltd. grew its stake in shares of 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Dover by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 983,375 shares of the industrial products company’s stock valued at $172,759,000 after buying an additional 19,387 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of 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. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DOV. Royal Bank Of Canada raised their price objective on Dover from $203.00 to $206.00 and gave the company a “sector perform” rating in a research note on Friday, July 25th. Wells Fargo & Company lowered their price objective on Dover from $195.00 to $180.00 and set an “equal weight” rating for the company in a research note on Monday, October 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Dover in a research note on Wednesday, October 8th. Citigroup restated a “buy” rating and set a $226.00 price objective (up previously from $202.00) on shares of Dover in a research note on Monday, July 14th. Finally, Robert W. Baird raised their price objective on Dover from $219.00 to $234.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $212.67.

Dover Price Performance

Shares of DOV opened at $166.44 on Monday. The firm has a market cap of $22.82 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 1.33 and a beta of 1.26. The stock has a 50 day moving average of $172.60 and a 200-day moving average of $175.43. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. Dover Corporation has a 52 week low of $143.04 and a 52 week high of $222.31.

Dover (NYSE:DOV) last issued its earnings results on Thursday, June 30th. The industrial products company reported $1.55 EPS for the quarter. The company had revenue of $1.78 billion during the quarter. Dover had a return on equity of 18.19% and a net margin of 29.29%. As a group, analysts forecast that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $0.52 dividend. This is a positive change from Dover’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Friday, August 29th. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. Dover’s dividend payout ratio (DPR) is 12.55%.

Dover 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.