Carnegie Investment Counsel Purchases Shares of 6,668 Dover Corporation (NYSE:DOV)

Carnegie Investment Counsel purchased a new stake in shares of Dover Corporation (NYSE:DOV) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,668 shares of the industrial products company’s stock, valued at approximately $1,147,000.

Several other institutional investors have also added to or reduced their stakes in the business. Machina Capital S.A.S. boosted its position in Dover by 84.9% during the first quarter. Machina Capital S.A.S. now owns 6,327 shares of the industrial products company’s stock valued at $1,112,000 after buying an additional 2,905 shares during the period. Abel Hall LLC purchased a new stake in Dover during the first quarter valued at about $200,000. J. W. Coons Advisors LLC boosted its position in Dover by 5.9% during the first quarter. J. W. Coons Advisors LLC now owns 1,805 shares of the industrial products company’s stock valued at $317,000 after buying an additional 100 shares during the period. Auto Owners Insurance Co boosted its position in Dover by 4,768.6% during the first quarter. Auto Owners Insurance Co now owns 189,877 shares of the industrial products company’s stock valued at $33,358,000 after buying an additional 185,977 shares during the period. Finally, Oak Thistle LLC boosted its position in Dover by 220.6% during the first quarter. Oak Thistle LLC now owns 8,413 shares of the industrial products company’s stock valued at $1,478,000 after buying an additional 5,789 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DOV. JPMorgan Chase & Co. increased their target price on shares of Dover from $190.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Royal Bank Of Canada increased their target price on shares of Dover from $203.00 to $206.00 and gave the stock a “sector perform” rating in a report on Friday. Wells Fargo & Company increased their target price on shares of Dover from $190.00 to $195.00 and gave the stock an “equal weight” rating in a report on Friday. Morgan Stanley began coverage on shares of Dover in a report on Monday, April 14th. They set an “equal weight” rating and a $185.00 target price for the company. Finally, Mizuho increased their target price on shares of Dover from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, June 13th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $213.42.

Dover Price Performance

Shares of NYSE DOV opened at $186.55 on Friday. Dover Corporation has a fifty-two week low of $143.04 and a fifty-two week high of $222.31. The company has a 50 day simple moving average of $182.63 and a two-hundred day simple moving average of $183.19. The company has a market capitalization of $25.58 billion, a price-to-earnings ratio of 11.25, a P/E/G ratio of 1.57 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.56 and a current ratio of 2.13.

Dover (NYSE:DOV) last announced its earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.39 by $0.05. Dover had a net margin of 29.29% and a return on equity of 18.77%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm earned $2.36 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts expect that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a dividend of $0.515 per share. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Friday, May 30th. Dover’s dividend payout ratio is 12.41%.

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.