Caprock Group LLC has acquired a new position in shares of Donaldson Company, Inc. (NYSE: DCI) during the third quarter, as revealed in the firm’s recent filing with the Securities and Exchange Commission (SEC). The investment firm purchased 15,363 shares of the industrial products company, valued at approximately $1.22 million.
Several institutional investors have also made notable adjustments to their holdings in Donaldson. For instance, the Royal Bank of Canada increased its stake by 38.2% during the first quarter, now owning 102,128 shares worth $6.85 million after acquiring an additional 28,207 shares. Similarly, Integrated Wealth Concepts LLC raised its position by 16.5%, now holding 3,479 shares valued at $233,000 after purchasing 494 shares.
The investment activity doesn’t stop there; Millennium Management LLC boosted its holdings by a remarkable 428.6%, now owning 223,976 shares valued at $15.02 million. In addition, Goldman Sachs Group Inc. increased its position by 29.0%, now holding 279,525 shares worth $18.75 million, while Janney Montgomery Scott LLC lifted its stake by 2.2%, bringing its total to 7,291 shares valued at $506,000. Institutional investors collectively own 82.81% of the company’s stock.
Current Stock Performance and Dividend Announcement
As of Friday, the shares of Donaldson Company opened at $109.38. The stock has fluctuated between a twelve-month low of $57.45 and a high of $112.84. With a market capitalization of $12.62 billion, Donaldson’s price-to-earnings ratio stands at 34.08, alongside a price/earnings to growth (P/E/G) ratio of 2.71 and a beta of 1.00.
The company has announced a quarterly dividend of $0.30 per share, set to be paid on February 27, 2024. Shareholders on record as of February 12, 2024 will receive the dividend, which represents an annualized payout of $1.20 and a yield of 1.1%. The dividend payout ratio (DPR) currently stands at 37.38%.
Analyst Ratings and Insider Activity
Recent assessments by research analysts indicate a generally positive outlook for Donaldson shares. Stifel Nicolaus has increased its price target from $90.00 to $96.00 while maintaining a “hold” rating. Weiss Ratings has reiterated a “buy (b)” rating, and Jefferies Financial Group has raised its target to $123.00 with a “buy” rating. Meanwhile, Morgan Stanley upgraded its rating from “underweight” to “equal weight,” adjusting its price objective from $72.00 to $84.00. Overall, the stock holds a consensus rating of “Moderate Buy,” with a target price of $103.25 according to MarketBeat.
In terms of insider trading, Ajita G. Rajendra, a director at Donaldson, sold 19,800 shares on December 5 at an average price of $92.04, totaling $1,822,392. After this transaction, Rajendra holds 43,993 shares, valued at approximately $4.05 million. Additionally, Bradley J. Pogalz, the chief financial officer, sold 566 shares on December 9 at an average price of $91.57, amounting to $51,828.62. Following his sale, Pogalz retains 434 shares valued at about $39,741.38. Insiders currently own 2.20% of the company’s stock.
Donaldson Company, Inc. is recognized as a global provider of filtration systems and replacement parts across various industries. The company specializes in air, liquid, and gas filtration solutions, catering to sectors including agriculture, construction, mining, power generation, aerospace, and original equipment manufacturing. Its product offerings span engine air intake filters, fuel filters, hydraulic filters, and gas turbine air intake systems, among others.
