Azzad Asset Management Inc. ADV Buys New Holdings in Dover Co. (NYSE:DOV)

Azzad Asset Management Inc. ADV bought a new stake in Dover Co. (NYSE:DOV) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 18,719 shares of the industrial products company’s stock, valued at approximately $3,288,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position 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 valued at $3,045,772,000 after buying an additional 57,453 shares in the last quarter. Geode Capital Management LLC boosted its stake in Dover by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,303,257 shares of the industrial products company’s stock valued at $618,068,000 after purchasing an additional 74,541 shares during the last quarter. FMR LLC boosted its stake in Dover by 1.1% during the 4th quarter. FMR LLC now owns 3,118,391 shares of the industrial products company’s stock valued at $585,010,000 after purchasing an additional 32,565 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Dover by 31.6% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company’s stock valued at $409,530,000 after purchasing an additional 524,092 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Dover by 16.6% during the 4th quarter. Northern Trust Corp now owns 1,726,523 shares of the industrial products company’s stock valued at $323,896,000 after purchasing an additional 245,535 shares during the last quarter. 84.46% of the stock is owned by institutional investors.

Dover Trading Down 1.4%

NYSE:DOV opened at $176.27 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.52 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $24.17 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 2.06 and a beta of 1.27. The firm’s 50 day moving average is $173.47 and its 200 day moving average is $185.39. Dover Co. has a 12 month low of $143.04 and a 12 month high of $222.31.

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

Dover Dividend Announcement

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 dividend of $0.515 per share. The ex-dividend date is Friday, May 30th. This represents a $2.06 dividend on an annualized basis and a yield of 1.17%. Dover’s payout ratio is 12.41%.

Analysts Set New Price Targets

DOV has been the subject of a number of analyst reports. Barclays lifted their price target on Dover from $180.00 to $185.00 and gave the company an “equal weight” rating in a research note on Thursday, April 24th. Robert W. Baird cut their target price on Dover from $238.00 to $219.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Citigroup cut their target price on Dover from $244.00 to $201.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Mizuho boosted their target price on Dover from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Wall Street Zen downgraded Dover from a “buy” rating to a “hold” rating in a research note on Wednesday, March 26th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $208.58.

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.