Hedge Funds Are Betting On Dover Corp (DOV)

Consequently, key money managers have jumped into Dover Corp (NYSE:DOV) headfirst. Lodge Hill Capital, led by Clint Murray, established the largest position in the stock. According to regulatory filings, the fund had $34.2 million invested in the company at the end of the quarter. Andreas Halvorsen’s Viking Global also made a $3.9 million investment in the stock during the quarter. The following funds were also among the new DOV investors: Solomon Kumin’s Folger Hill Asset Management, Steve Cohen’s Point72 Asset Management, and Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Dover Corp (NYSE:DOV) but similarly valued. We will take a look at Macy’s, Inc. (NYSE:M), Oneok Partners LP (NYSE:OKS), Harris Corporation (NYSE:HRS), and International Flavors & Fragrances Inc (NYSE:IFF). This group of stocks’ market caps match DOV’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
M 63 1336444 6
OKS 9 33692 2
HRS 22 476297 1
IFF 16 269994 -4

As you can see these stocks had an average of 28 hedge funds with bullish positions and the average amount invested in these stocks was $529 million. That figure was $828 million in DOV’s case. Macy’s, Inc. (NYSE:M) is the most popular stock in this table. On the other hand Oneok Partners LP (NYSE:OKS) is the least popular one with only 9 bullish hedge fund positions. Dover Corp (NYSE:DOV) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard M might be a better candidate to consider taking a long position in.

Disclosure: none.