Norges Bank Makes New $316.23 Million Investment in Dover Co. (NYSE:DOV)

Norges Bank bought a new stake in shares of Dover Co. (NYSE:DOV) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,685,651 shares of the industrial products company’s stock, valued at approximately $316,228,000. Norges Bank owned 1.23% of Dover at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Dover by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,235,456 shares of the industrial products company’s stock valued at $3,045,772,000 after buying an additional 57,453 shares during the period. State Street Corp increased its position in shares of Dover by 0.9% during the third quarter. State Street Corp now owns 6,214,308 shares of the industrial products company’s stock worth $1,191,531,000 after acquiring an additional 56,149 shares during the period. Geode Capital Management LLC raised its stake in shares of Dover by 0.8% during the third quarter. Geode Capital Management LLC now owns 3,228,716 shares of the industrial products company’s stock valued at $616,945,000 after acquiring an additional 25,993 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Dover by 1.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 984,743 shares of the industrial products company’s stock valued at $188,815,000 after purchasing an additional 17,193 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Dover by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 828,103 shares of the industrial products company’s stock worth $155,352,000 after purchasing an additional 16,763 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

Dover Price Performance

NYSE DOV opened at $174.63 on Friday. Dover Co. has a 12-month low of $168.20 and a 12-month high of $222.31. The firm’s fifty day simple moving average is $193.63 and its two-hundred day simple moving average is $193.64. The company has a current ratio of 2.04, a quick ratio of 1.52 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $23.94 billion, a P/E ratio of 8.98, a P/E/G ratio of 2.06 and a beta of 1.24.

Dover (NYSE:DOV) last announced its earnings results on Thursday, January 30th. The industrial products company reported $2.20 earnings per share (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%. Analysts forecast that Dover Co. will post 9.45 EPS for the current fiscal year.

Dover Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.515 dividend. This represents a $2.06 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Friday, February 28th. Dover’s dividend payout ratio (DPR) is presently 10.59%.

Wall Street Analysts Forecast Growth

DOV has been the subject of several research reports. Royal Bank of Canada upped their target price on Dover from $196.00 to $214.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Barclays lowered their price objective on shares of Dover from $213.00 to $205.00 and set an “equal weight” rating for the company in a research note on Wednesday. Oppenheimer reissued an “outperform” rating and set a $225.00 target price (up previously from $220.00) on shares of Dover in a research report on Friday, January 31st. The Goldman Sachs Group boosted their price target on shares of Dover from $202.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, StockNews.com downgraded shares of Dover from a “buy” rating to a “hold” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Dover currently has an average rating of “Moderate Buy” and a consensus price target of $218.18.

Dover Company 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.