Dover Corporation $DOV Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its position in Dover Corporation (NYSE:DOV) by 4.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 360,506 shares of the industrial products company’s stock after acquiring an additional 15,408 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Dover were worth $66,056,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of DOV. Nuveen LLC acquired a new stake in shares of Dover in the 1st quarter valued at about $526,081,000. Hsbc Holdings PLC grew its position in Dover by 77.9% in the first quarter. Hsbc Holdings PLC now owns 614,098 shares of the industrial products company’s stock worth $107,677,000 after buying an additional 268,931 shares during the last quarter. Strs Ohio acquired a new position in Dover in the first quarter worth approximately $40,148,000. Allianz Asset Management GmbH grew its position in Dover by 647.4% in the second quarter. Allianz Asset Management GmbH now owns 255,648 shares of the industrial products company’s stock worth $46,842,000 after buying 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 first quarter. Auto Owners Insurance Co now owns 189,877 shares of the industrial products company’s stock worth $33,358,000 after buying an additional 185,977 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Dover Stock Down 2.0%

DOV stock opened at $177.64 on Monday. Dover Corporation has a 12-month low of $143.04 and a 12-month high of $222.31. The company has a quick ratio of 1.44, a current ratio of 2.04 and a debt-to-equity ratio of 0.35. The company has a market cap of $24.36 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.40 and a beta of 1.26. The company has a 50 day moving average of $172.13 and a two-hundred day moving average of $176.10.

Dover (NYSE:DOV) last released its earnings results on Thursday, June 30th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter. Dover had a net margin of 28.37% and a return on equity of 17.62%. The company had revenue of $1.78 billion during the quarter. On average, equities analysts anticipate that Dover Corporation will post 9.45 earnings per share for the current fiscal 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 given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, August 29th. This is a positive change from Dover’s previous quarterly dividend of $0.52. Dover’s payout ratio is currently 12.55%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DOV shares. 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 report on Monday, October 20th. Robert W. Baird set a $235.00 price target on shares of Dover in a research report on Friday. Royal Bank Of Canada upped their price target on shares of Dover from $183.00 to $198.00 and gave the company a “sector perform” rating in a research report on Friday. Wall Street Zen upgraded shares of Dover from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Wells Fargo & Company upped their price target on shares of Dover from $180.00 to $190.00 and gave the company an “equal weight” rating in a research report on Friday. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $212.00.

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.