Dover Corporation $DOV Stock Position Raised by Patten Group Inc.

Patten Group Inc. lifted its holdings in shares of Dover Corporation (NYSE:DOV) by 9.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 6,154 shares of the industrial products company’s stock after purchasing an additional 516 shares during the quarter. Patten Group Inc.’s holdings in Dover were worth $1,128,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of DOV. Nuveen LLC bought a new position in Dover in the 1st quarter worth about $526,081,000. Hsbc Holdings PLC grew its position in Dover by 77.9% in the 1st quarter. Hsbc Holdings PLC now owns 614,098 shares of the industrial products company’s stock worth $107,677,000 after purchasing an additional 268,931 shares during the last quarter. Strs Ohio bought a new position in Dover in the 1st quarter worth about $40,148,000. Allianz Asset Management GmbH grew its position in Dover by 647.4% in the 2nd quarter. Allianz Asset Management GmbH now owns 255,648 shares of the industrial products company’s stock worth $46,842,000 after purchasing an additional 221,443 shares during the last quarter. Finally, Auto Owners Insurance Co grew its position in Dover by 4,768.6% in the 1st quarter. Auto Owners Insurance Co now owns 189,877 shares of the industrial products company’s stock worth $33,358,000 after purchasing an additional 185,977 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on DOV shares. JPMorgan Chase & Co. upped their target price on shares of Dover from $217.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Robert W. Baird upped their price target 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. Barclays reduced their price target on shares of Dover from $193.00 to $190.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Dover in a research note on Wednesday, October 8th. Finally, Oppenheimer reduced their price target on shares of Dover from $225.00 to $220.00 and set an “outperform” rating for the company in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Dover currently has an average rating of “Moderate Buy” and a consensus price target of $212.25.

Dover Stock Up 2.6%

Shares of NYSE:DOV opened at $173.34 on Wednesday. The company has a market cap of $23.77 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.35 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95. The firm has a 50 day simple moving average of $172.38 and a 200 day simple moving average of $175.52. Dover Corporation has a 52 week low of $143.04 and a 52 week high of $222.31.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, June 30th. The industrial products company reported $1.55 earnings per share for the quarter. The firm had revenue of $1.78 billion for the quarter. Dover had a net margin of 29.29% and a return on equity of 18.19%. As a group, research analysts expect that Dover Corporation will post 9.45 earnings per share for the current year.

Dover Increases Dividend

The business also recently disclosed 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 represents a $2.08 annualized dividend and a yield of 1.2%. This is a boost from Dover’s previous quarterly dividend of $0.52. Dover’s dividend payout ratio (DPR) is currently 12.55%.

About Dover

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.