Norges Bank Invests $316.23 Million in Dover Co. (NYSE:DOV)

Norges Bank purchased a new position in Dover Co. (NYSE:DOV) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,685,651 shares of the industrial products company’s stock, valued at approximately $316,228,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Amundi boosted its holdings in shares of Dover by 42.3% in the 4th quarter. Amundi now owns 648,525 shares of the industrial products company’s stock valued at $121,417,000 after acquiring an additional 192,908 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Dover during the 4th quarter worth about $30,741,000. Proficio Capital Partners LLC acquired a new stake in Dover during the 4th quarter worth about $28,718,000. National Bank of Canada FI raised its stake in shares of Dover by 313.7% during the 3rd quarter. National Bank of Canada FI now owns 191,127 shares of the industrial products company’s stock valued at $36,647,000 after buying an additional 144,930 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Dover by 26.6% in the 3rd quarter. Barclays PLC now owns 360,291 shares of the industrial products company’s stock valued at $69,082,000 after buying an additional 75,670 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wells Fargo & Company boosted their price target on Dover from $200.00 to $215.00 and gave the company an “equal weight” rating in a report on Friday, January 31st. Royal Bank of Canada increased their price target on shares of Dover from $196.00 to $214.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Citigroup cut their price objective on shares of Dover from $236.00 to $222.00 and set a “buy” rating for the company in a report on Monday, January 13th. The Goldman Sachs Group increased their target price on shares of Dover from $202.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price target (up previously from $220.00) on shares of Dover in a report on Friday, January 31st. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $218.18.

Dover Price Performance

Shares of Dover stock opened at $174.63 on Friday. The stock has a market capitalization of $23.94 billion, a P/E ratio of 8.98, a PEG ratio of 2.06 and a beta of 1.24. The business has a 50 day simple moving average of $193.63 and a two-hundred day simple moving average of $193.64. Dover Co. has a 12 month low of $168.20 and a 12 month high of $222.31. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 1.52.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.20 EPS for the quarter, meeting the consensus estimate of $2.20. Dover had a return on equity of 21.03% and a net margin of 32.95%. As a group, analysts predict that Dover Co. will post 9.45 EPS for the current fiscal year.

Dover Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.515 dividend. This represents a $2.06 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Friday, February 28th. Dover’s dividend payout ratio is currently 10.59%.

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.