Sumitomo Mitsui Trust Group Inc. Raises Holdings in Dover Corporation $DOV

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Dover Corporation (NYSE:DOV) by 4.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 360,506 shares of the industrial products company’s stock after purchasing an additional 15,408 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of Dover worth $66,056,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DOV. North Capital Inc. acquired a new stake in Dover during the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC acquired a new stake in Dover during the first quarter worth approximately $31,000. Harbour Investments Inc. boosted its position in Dover by 51.7% during the second quarter. Harbour Investments Inc. now owns 176 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 60 shares during the last quarter. Truvestments Capital LLC boosted its position in Dover by 1,005.9% during the first quarter. Truvestments Capital LLC now owns 188 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 171 shares during the last quarter. Finally, Investment Research & Advisory Group Inc. acquired a new stake in Dover during the second quarter worth approximately $33,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Stock Performance

NYSE:DOV opened at $177.64 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. The firm has a market capitalization 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 firm’s fifty day simple moving average is $172.13 and its 200 day simple moving average is $176.10. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31.

Dover (NYSE:DOV) last posted its earnings results on Thursday, June 30th. The industrial products company reported $1.55 earnings per share for the quarter. The business had revenue of $1.78 billion for the quarter. Dover had a net margin of 28.37% and a return on equity of 17.62%. As a group, equities research analysts expect that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.52 dividend. The ex-dividend date was Friday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. This is an increase from Dover’s previous quarterly dividend of $0.52. Dover’s dividend payout ratio (DPR) is presently 12.55%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised 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. Royal Bank Of Canada lifted their price target on shares of Dover from $183.00 to $198.00 and gave the company a “sector perform” rating in a report on Friday. Oppenheimer decreased their price target on shares of Dover from $225.00 to $220.00 and set an “outperform” rating on the stock in a report on Monday, October 20th. Robert W. Baird set a $235.00 price target on shares of Dover in a report on Friday. Finally, Wall Street Zen upgraded shares of Dover from a “hold” rating to a “buy” rating in a report on Saturday. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Dover has a consensus rating of “Moderate Buy” and a consensus price target of $212.00.

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.