AXQ Capital LP Purchases New Shares in Dover Corporation $DOV

AXQ Capital LP purchased a new stake in shares of Dover Corporation (NYSE:DOV) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,844 shares of the industrial products company’s stock, valued at approximately $1,976,000. Dover makes up approximately 0.8% of AXQ Capital LP’s holdings, making the stock its biggest holding.

Several other large investors have also recently added to or reduced their stakes in the stock. Machina Capital S.A.S. increased its stake in shares of Dover by 38.8% during the 2nd quarter. Machina Capital S.A.S. now owns 8,779 shares of the industrial products company’s stock worth $1,609,000 after purchasing an additional 2,452 shares during the last quarter. Generali Asset Management SPA SGR boosted its stake in Dover by 103.4% in the 3rd quarter. Generali Asset Management SPA SGR now owns 16,020 shares of the industrial products company’s stock valued at $2,673,000 after purchasing an additional 8,145 shares during the period. Advisory Resource Group grew its stake in shares of Dover by 7.7% in the second quarter. Advisory Resource Group now owns 28,732 shares of the industrial products company’s stock valued at $5,264,000 after acquiring an additional 2,047 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Dover by 1,644.9% during the 3rd quarter. SG Americas Securities LLC now owns 26,749 shares of the industrial products company’s stock worth $4,463,000 after purchasing an additional 25,216 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Dover by 17.3% during the third quarter. Federated Hermes Inc. now owns 43,300 shares of the industrial products company’s stock worth $7,224,000 after buying an additional 6,399 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Dover Stock Performance

NYSE:DOV opened at $230.40 on Tuesday. The company has a market capitalization of $31.07 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 1.79 and a beta of 1.29. The business has a 50 day moving average of $209.60 and a 200 day moving average of $188.82. Dover Corporation has a 1-year low of $143.04 and a 1-year high of $237.54. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.79 and a quick ratio of 1.28.

Dover (NYSE:DOV) last issued its quarterly earnings data on Thursday, January 29th. The industrial products company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.48 by $0.03. Dover had a net margin of 13.52% and a return on equity of 17.87%. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the prior year, the firm posted $2.20 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts predict that Dover Corporation will post 9.45 earnings per share for the current fiscal year.

Dover Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $2.08 annualized dividend and a dividend yield of 0.9%. Dover’s dividend payout ratio (DPR) is 26.20%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Citigroup reissued a “buy” rating on shares of Dover in a research note on Monday, January 12th. The Goldman Sachs Group reiterated a “buy” rating and issued a $224.00 price target on shares of Dover in a research report on Saturday, January 31st. Morgan Stanley set a $210.00 price objective on shares of Dover in a research report on Wednesday, February 4th. Robert W. Baird set a $255.00 target price on Dover in a report on Friday, January 30th. Finally, Barclays set a $206.00 price objective on shares of Dover in a research report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $224.00.

Insiders Place Their Bets

In related news, CEO Richard J. Tobin sold 76,997 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $232.70, for a total transaction of $17,917,201.90. Following the transaction, the chief executive officer owned 217,979 shares in the company, valued at $50,723,713.30. This represents a 26.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Girish Juneja sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $230.77, for a total value of $346,155.00. Following the completion of the transaction, the vice president directly owned 8,422 shares in the company, valued at $1,943,544.94. The trade was a 15.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 86,754 shares of company stock valued at $20,000,768 over the last quarter. Corporate insiders own 1.20% of the company’s stock.

About Dover

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.