Chartwell Investment Partners LLC Invests $930,000 in Dover Co. (NYSE:DOV)

Posted by Defense World Staff on Jun 27th, 2023

Chartwell Investment Partners LLC acquired a new position in shares of Dover Co. (NYSE:DOV – Get Rating) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,121 shares of the industrial products company’s stock, valued at approximately $930,000.

Several other hedge funds also recently modified their holdings of the company. U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Dover in the fourth quarter valued at approximately $29,000. Glass Jacobson Investment Advisors llc acquired a new stake in shares of Dover in the fourth quarter valued at approximately $31,000. Concord Wealth Partners acquired a new stake in shares of Dover in the fourth quarter valued at approximately $41,000. Fairfield Bush & CO. acquired a new stake in shares of Dover in the first quarter valued at approximately $48,000. Finally, Crewe Advisors LLC increased its holdings in shares of Dover by 57.7% in the fourth quarter. Crewe Advisors LLC now owns 399 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 146 shares in the last quarter. Institutional investors and hedge funds own 83.77% of the company’s stock.

Dover Trading Up 1.4 %

DOV opened at $143.11 on Tuesday. The stock has a market capitalization of $20.01 billion, a P/E ratio of 19.08, a P/E/G ratio of 1.12 and a beta of 1.35. Dover Co. has a 12 month low of $114.49 and a 12 month high of $160.66. The firm’s fifty day simple moving average is $142.10 and its 200 day simple moving average is $143.79. The company has a current ratio of 1.32, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66.

Dover (NYSE:DOV – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $1.94 EPS for the quarter, meeting the consensus estimate of $1.94. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.08 billion. Dover had a net margin of 12.51% and a return on equity of 28.27%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.90 EPS. As a group, research analysts anticipate that Dover Co. will post 9 EPS for the current fiscal year.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Wednesday, May 31st were given a $0.505 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $2.02 annualized dividend and a yield of 1.41%. Dover’s dividend payout ratio is currently 26.93%.

Insider Activity at Dover

In related news, CFO Brad M. Cerepak sold 17,769 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $139.03, for a total value of $2,470,424.07. Following the sale, the chief financial officer now directly owns 54,569 shares of the company’s stock, valued at approximately $7,586,728.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

DOV has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Dover from $147.00 to $145.00 and set a “hold” rating for the company in a report on Wednesday, April 12th. Barclays lowered their target price on shares of Dover from $141.00 to $138.00 and set an “equal weight” rating for the company in a report on Thursday, April 6th. Wells Fargo & Company lowered their target price on shares of Dover from $157.00 to $155.00 and set an “equal weight” rating for the company in a report on Thursday, April 13th. Oppenheimer lifted their target price on shares of Dover from $167.00 to $174.00 and gave the stock an “outperform” rating in a report on Friday, March 10th. Finally, Bank of America lifted their target price on shares of Dover from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, April 11th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Dover currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.31.

Dover Company Profile

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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 aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.