Parsons Capital Management Inc. RI Increases Stock Holdings in Dover Corporation $DOV

Parsons Capital Management Inc. RI increased its stake in shares of Dover Corporation (NYSE:DOV) by 10.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,105 shares of the industrial products company’s stock after purchasing an additional 200 shares during the period. Parsons Capital Management Inc. RI’s holdings in Dover were worth $386,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of DOV. USA Financial Formulas raised its stake in shares of Dover by 18,140.0% during the second quarter. USA Financial Formulas now owns 912 shares of the industrial products company’s stock valued at $167,000 after purchasing an additional 907 shares during the period. Trust Co. of Vermont grew its holdings in Dover by 2.0% during the 2nd quarter. Trust Co. of Vermont now owns 5,013 shares of the industrial products company’s stock valued at $919,000 after purchasing an additional 100 shares in the last quarter. Greenleaf Trust grew its holdings in Dover by 2.5% during the 2nd quarter. Greenleaf Trust now owns 5,587 shares of the industrial products company’s stock valued at $1,024,000 after purchasing an additional 137 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Dover by 2.1% during the 2nd quarter. Janney Montgomery Scott LLC now owns 96,346 shares of the industrial products company’s stock worth $17,654,000 after buying an additional 1,962 shares during the period. Finally, GC Wealth Management RIA LLC acquired a new position in Dover in the 2nd quarter worth $268,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Dover Stock Performance

DOV stock opened at $166.54 on Friday. The stock’s 50 day simple moving average is $175.46 and its 200 day simple moving average is $176.50. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $222.31. The firm has a market cap of $22.84 billion, a P/E ratio of 10.04, a P/E/G ratio of 1.33 and a beta of 1.26. 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 (NYSE:DOV) last released its earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.05. Dover had a net margin of 29.29% and a return on equity of 18.19%. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm earned $2.36 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. As a group, equities research analysts predict that Dover Corporation will post 9.45 EPS for the current year.

Dover Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.52 dividend. The ex-dividend date was Friday, August 29th. This is an increase from Dover’s previous quarterly dividend of $0.52. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. Dover’s payout ratio is presently 12.55%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Mizuho raised their target price on Dover from $215.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, June 13th. 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. 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 report on Friday, July 25th. Robert W. Baird raised their price target on shares of Dover from $219.00 to $234.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Dover in a report on Saturday, September 27th. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Dover has a consensus rating of “Moderate Buy” and a consensus target price of $213.67.

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.