Griffin Asset Management Inc. Has $9.35 Million Stock Position in Dover Co. (NYSE:DOV)

Griffin Asset Management Inc. lifted its position in Dover Co. (NYSE:DOV) by 3.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 52,750 shares of the industrial products company’s stock after acquiring an additional 1,606 shares during the quarter. Dover makes up about 1.1% of Griffin Asset Management Inc.’s holdings, making the stock its 26th biggest holding. Griffin Asset Management Inc.’s holdings in Dover were worth $9,347,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Avity Investment Management Inc. grew its stake in Dover by 46.5% during the 1st quarter. Avity Investment Management Inc. now owns 2,993 shares of the industrial products company’s stock valued at $530,000 after acquiring an additional 950 shares in the last quarter. Register Financial Advisors LLC acquired a new position in Dover in the 1st quarter valued at approximately $82,000. Wealth Enhancement Advisory Services LLC lifted its position in Dover by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,085 shares of the industrial products company’s stock worth $2,319,000 after buying an additional 274 shares in the last quarter. Aspiriant LLC acquired a new stake in shares of Dover during the 1st quarter valued at $201,000. Finally, Riverview Trust Co acquired a new position in shares of Dover in the first quarter worth $83,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Analyst Ratings Changes

DOV has been the subject of a number of research reports. Citigroup lifted their price objective on Dover from $180.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Oppenheimer boosted their price target on Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Wells Fargo & Company lifted their target price on shares of Dover from $177.00 to $190.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Mizuho boosted their target price on shares of Dover from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Barclays lifted their price objective on shares of Dover from $180.00 to $186.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $185.75.

Dover Stock Performance

Shares of NYSE DOV traded up $2.00 during trading hours on Friday, hitting $180.45. 1,581,371 shares of the company’s stock were exchanged, compared to its average volume of 1,073,027. The company’s 50-day moving average price is $181.07 and its 200-day moving average price is $168.35. Dover Co. has a 1-year low of $127.25 and a 1-year high of $188.64. The stock has a market capitalization of $24.80 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.21 and a beta of 1.24. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 0.89.

Dover (NYSE:DOV) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.03 billion. Dover had a return on equity of 25.04% and a net margin of 17.28%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.94 earnings per share. On average, sell-side analysts expect that Dover Co. will post 9.1 earnings per share for the current fiscal year.

Dover Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were issued a dividend of $0.51 per share. The ex-dividend date was Friday, May 31st. This represents a $2.04 annualized dividend and a dividend yield of 1.13%. Dover’s payout ratio is 19.60%.

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.