JPMorgan Chase & Co. lifted its position in shares of Dover Co. (NYSE:DOV) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,382,627 shares of the industrial products company’s stock after purchasing an additional 593,327 shares during the quarter. JPMorgan Chase & Co. owned 8.60% of Dover worth $1,698,029,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Boston Partners raised its stake in Dover by 5.3% during the 1st quarter. Boston Partners now owns 4,492,201 shares of the industrial products company’s stock worth $616,343,000 after buying an additional 224,578 shares during the period. Wells Fargo & Company MN raised its position in shares of Dover by 2.8% during the fourth quarter. Wells Fargo & Company MN now owns 2,817,044 shares of the industrial products company’s stock worth $355,652,000 after purchasing an additional 76,966 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Dover by 38.3% during the 1st quarter. Alliancebernstein L.P. now owns 2,198,614 shares of the industrial products company’s stock valued at $301,496,000 after purchasing an additional 609,276 shares in the last quarter. Inverness Counsel LLC NY grew its position in shares of Dover by 2.5% in the 1st quarter. Inverness Counsel LLC NY now owns 1,377,035 shares of the industrial products company’s stock valued at $188,833,000 after purchasing an additional 33,726 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Dover by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,330,123 shares of the industrial products company’s stock worth $167,919,000 after purchasing an additional 5,904 shares in the last quarter. 83.36% of the stock is owned by institutional investors.
DOV has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of Dover from $147.00 to $159.00 and gave the company an “equal weight” rating in a report on Monday, April 26th. Citigroup increased their target price on Dover from $159.00 to $170.00 in a report on Wednesday, April 21st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price target on Dover from $159.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, April 21st. Royal Bank of Canada increased their price objective on Dover from $142.00 to $149.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Dover from $143.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 26th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Dover currently has an average rating of “Hold” and a consensus target price of $149.91.
Dover (NYSE:DOV) last posted its quarterly earnings results on Monday, April 19th. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.36. Dover had a net margin of 10.73% and a return on equity of 26.74%. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm posted $1.39 earnings per share. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. Analysts anticipate that Dover Co. will post 6.98 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Friday, May 28th will be issued a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Thursday, May 27th. Dover’s payout ratio is currently 34.92%.
Dover Company Profile
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides aftermarket vehicle, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, bearings, drives, electric monitoring, and fluid dispensing systems.
Further Reading: What are the benefits of momentum investing?
Want to see what other hedge funds are holding DOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dover Co. (NYSE:DOV).
Receive News & Ratings for Dover Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dover and related companies with MarketBeat.com's FREE daily email newsletter.