Louisiana State Employees Retirement System Has $1.29 Million Holdings in Dover Co. (NYSE:DOV)

Posted by Defense World Staff on Oct 5th, 2023

Louisiana State Employees Retirement System cut its holdings in Dover Co. (NYSE:DOV – Free Report) by 4.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,700 shares of the industrial products company’s stock after selling 400 shares during the period. Louisiana State Employees Retirement System’s holdings in Dover were worth $1,285,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of DOV. Norges Bank bought a new position in Dover in the 4th quarter valued at about $167,153,000. JPMorgan Chase & Co. increased its holdings in Dover by 8.8% in the 1st quarter. JPMorgan Chase & Co. now owns 13,992,891 shares of the industrial products company’s stock valued at $2,126,080,000 after buying an additional 1,134,365 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Dover by 112.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,902,351 shares of the industrial products company’s stock valued at $257,597,000 after buying an additional 1,005,470 shares during the period. CI Private Wealth LLC bought a new position in Dover in the 4th quarter valued at about $126,175,000. Finally, Morgan Stanley increased its holdings in Dover by 34.3% in the 4th quarter. Morgan Stanley now owns 2,134,157 shares of the industrial products company’s stock valued at $288,986,000 after buying an additional 544,866 shares during the period. 83.97% of the stock is currently owned by institutional investors and hedge funds.

Dover Stock Up 0.1 %

Shares of NYSE DOV opened at $137.92 on Thursday. The company has a market capitalization of $19.29 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. Dover Co. has a 52-week low of $114.49 and a 52-week high of $160.66. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.83 and a current ratio of 1.41. The company’s 50 day moving average price is $142.64 and its 200-day moving average price is $143.58.

Dover (NYSE:DOV – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.16). The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.20 billion. Dover had a return on equity of 27.33% and a net margin of 12.04%. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.14 EPS. Equities analysts forecast that Dover Co. will post 8.89 earnings per share for the current year.

Dover Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a $0.51 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.48%. This is an increase from Dover’s previous quarterly dividend of $0.51. Dover’s payout ratio is 28.25%.

Insider Transactions at Dover

In other news, CFO Brad M. Cerepak sold 4,631 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $142.00, for a total value of $657,602.00. Following the transaction, the chief financial officer now owns 49,938 shares in the company, valued at approximately $7,091,196. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a report on Monday. Robert W. Baird lifted their price target on shares of Dover from $170.00 to $174.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. Finally, Wells Fargo & Company decreased their price target on shares of Dover from $155.00 to $152.00 in a report on Monday, July 10th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Dover has a consensus rating of “Moderate Buy” and a consensus target price of $162.38.

Get Our Latest Research Report on DOV

Dover Profile

(Free Report)

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.