Assenagon Asset Management S.A. Grows Stake in Dover Co. (NYSE:DOV)

Assenagon Asset Management S.A. grew its holdings in shares of Dover Co. (NYSE:DOV) by 350.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 410,350 shares of the industrial products company’s stock after buying an additional 319,319 shares during the period. Assenagon Asset Management S.A.’s holdings in Dover were worth $72,090,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Dover by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,235,456 shares of the industrial products company’s stock worth $3,045,772,000 after purchasing an additional 57,453 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Dover by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,303,257 shares of the industrial products company’s stock valued at $618,068,000 after buying an additional 74,541 shares during the period. FMR LLC raised its stake in Dover by 1.1% in the fourth quarter. FMR LLC now owns 3,118,391 shares of the industrial products company’s stock worth $585,010,000 after buying an additional 32,565 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Dover by 31.6% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company’s stock worth $409,530,000 after buying an additional 524,092 shares during the period. Finally, Northern Trust Corp lifted its holdings in Dover by 16.6% in the fourth quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company’s stock worth $323,896,000 after buying an additional 245,535 shares during the period. Institutional investors own 84.46% of the company’s stock.

Dover Stock Performance

Shares of Dover stock opened at $178.96 on Thursday. The stock has a market cap of $24.54 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 2.06 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 1.52. Dover Co. has a 1 year low of $143.04 and a 1 year high of $222.31. The firm’s 50-day moving average is $172.41 and its 200 day moving average is $185.78.

Dover (NYSE:DOV) last issued its earnings results on Thursday, April 24th. The industrial products company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.06. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.88 billion. Dover had a net margin of 32.95% and a return on equity of 21.03%. The business’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.95 earnings per share. Sell-side analysts anticipate that Dover Co. will post 9.45 EPS for the current fiscal year.

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a $0.515 dividend. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, May 30th. Dover’s payout ratio is 12.41%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DOV. Wall Street Zen lowered Dover from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. Citigroup decreased their price objective on Dover from $244.00 to $201.00 and set a “buy” rating for the company in a report on Monday, April 14th. Barclays raised their price objective on Dover from $180.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. Morgan Stanley initiated coverage on shares of Dover in a research note on Monday, April 14th. They issued an “equal weight” rating and a $185.00 price target for the company. Finally, Robert W. Baird lowered their price target on shares of Dover from $238.00 to $219.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $207.75.

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.