Who Owns Dover Company?

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Who Owns Dover Corporation?

Understanding a company's ownership is key to its strategy and accountability. Dover Corporation, a global manufacturer, went public in 1955, the same year it was founded. Its diverse operations span multiple industrial and commercial sectors.

Dover Corporation, a Fortune 500 company, reported $7.7 billion in revenue for 2024. Its operations are divided into five segments, showcasing its broad market presence and diverse product offerings, including solutions like those analyzed in the Dover BCG Matrix.

Dover Corporation's journey began with its incorporation in 1947, officially marking its founding year in 1955 when it became a publicly traded entity on the New York Stock Exchange. The company's roots extend back to the 1930s and 1940s, a period when George Ohrstrom Sr., a prominent New York City stockbroker, strategically acquired four manufacturing businesses. These early acquisitions formed the bedrock of what would become Dover Corporation.

Founding Era

Dover Corporation was incorporated in 1947 and officially founded in 1955 upon its public listing on the NYSE. This marked the beginning of its transformation into a diversified industrial company.

Early Acquisitions

George Ohrstrom Sr. acquired four key manufacturing companies in the mid-20th century. These included C. Lee Cook Company, Rotary Lift, W. C. Norris, and Peerless, laying the foundation for Dover's diverse portfolio.

Key Leadership

In 1955, Fred D. Durham, previously the owner of C. Lee Cook Company, was brought in to manage the combined businesses. Durham assumed the role of Dover's first president, guiding its initial operations.

Public Ownership

The 1955 public offering meant that Dover Corporation's ownership began to spread among public shareholders. While initial founder stakes are not detailed, this event initiated the company's transition to public ownership.

Growth Through Acquisition

The acquisition of Shepard Warner Elevator Company in 1958 exemplifies Dover's early strategy of expansion. This move was instrumental in building the company's elevator business segment.

Initial Operations

The company's initial corporate offices were established in Washington, D.C. This location served as the central hub for managing its growing portfolio of manufacturing businesses.

The early ownership structure of Dover Corporation was shaped by the vision of George Ohrstrom Sr., who consolidated several manufacturing entities. Upon going public in 1955, ownership naturally diversified, with Fred D. Durham playing a crucial role as the first president. This period also saw the initiation of a Growth Strategy of Dover that relied heavily on strategic acquisitions, such as the 1958 purchase of Shepard Warner Elevator Company, which was key to developing its elevator division.

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Dover Corporation's journey as a publicly traded entity began with its IPO in 1955. Since then, its ownership structure has seen considerable shifts, influenced by strategic acquisitions and divestitures. The company's presence on the New York Stock Exchange under the ticker symbol DOV signifies its broad accessibility to a diverse investor base.

The ownership landscape of Dover Corporation is predominantly shaped by institutional investors and hedge funds, which collectively held 84.46% of the company's stock as of July 25, 2025. This significant concentration indicates a strong presence of large financial entities managing substantial portions of the company's equity. Retail investors account for 13.99%, while company insiders hold a smaller stake of 2.00%.

Key Institutional Holders

Major institutional investors play a crucial role in Dover Corporation's ownership structure. These entities manage large portfolios and often have significant influence over company strategy.

• The Vanguard Group, Inc. held 11.92% (16,342,135 shares) as of March 30, 2025.
• BlackRock, Inc. owned 7.19% (9,856,482 shares) as of March 30, 2025.
• JP Morgan Asset Management held 5.74% (7,867,980 shares) as of March 30, 2025.
• State Street Global Advisors, Inc. owned 4.58% (6,275,215 shares) as of March 30, 2025.

Dover Corporation's strategic initiatives, including acquisitions and divestitures, directly impact its ownership dynamics. In 2024, the company completed six acquisitions, and by July 4, 2025, it had already finalized three acquisitions for 2025, such as Pump Products in June 2025 and SIKORA AG in May 2025 for €550 million. Conversely, the divestiture of the Environmental Solutions Group for $2.0 billion in July 2024 represents a significant portfolio adjustment. These strategic moves are designed to optimize the company's business model and enhance shareholder value, which in turn can influence investor confidence and the overall Revenue Streams & Business Model of Dover. As of February 3, 2025, there were 137,225,409 outstanding shares of Dover's common stock.

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The Board of Directors at Dover Corporation is responsible for guiding the company's strategic decisions and overseeing its operations. As of the 2025 Proxy Statement, the board includes both independent directors and key executive leadership. Richard J. Tobin holds the positions of Chairman, President, and Chief Executive Officer.

Dover Corporation employs a one-share-one-vote system, meaning each share of common stock grants its holder one vote in director elections. Directors are elected annually by shareholders through a simple majority vote, requiring more than 50% of the votes cast to be elected. While no specific shareholders are identified as having disproportionate voting power through special rights, the substantial institutional ownership of 84.46% as of July 2025 indicates that large institutional investors collectively hold significant voting influence. The company's governance committee is committed to identifying diverse candidates for board positions, aiming for a well-rounded and inclusive board composition.

Understanding Dover's Shareholder Influence

Dover Corporation's voting structure and board composition are key elements of its corporate governance. Understanding these aspects is crucial for comprehending who controls the company and how decisions are made.

• Dover operates under a one-share-one-vote principle.
• Directors are elected annually by shareholders.
• A simple majority of votes cast is required for director election.
• Institutional investors hold a significant portion of Dover Corporation stock.
• The governance committee focuses on board diversity.

The board's oversight extends to various committees, including Audit, Compensation, Finance, and Governance & Nominating. These committees, each chaired by a designated director, are instrumental in managing specific areas of the company's governance and operations. For instance, Danita K. Ostling leads the Audit Committee, Keith E. Wandell chairs the Compensation Committee, Eric A. Spiegel heads the Finance Committee, and H. John Gilbertson, Jr. presides over the Governance and Nominating Committee. This committee structure ensures focused attention on critical aspects of the business, contributing to effective management and strategic direction. Investors interested in the company's historical trajectory can find more information in the Brief History of Dover.

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In the past 3-5 years, Dover Corporation has actively reshaped its ownership landscape through strategic acquisitions and significant capital returns to shareholders. These moves reflect a commitment to enhancing its market position and delivering value to its investors.

Dover's strategic acquisitions, such as Pump Products and SIKORA AG for €550 million in 2025, are designed to bolster its Pumps & Process Solutions segment, particularly in high-growth sectors like biopharma and data center cooling. Concurrently, the company has actively managed its capital structure by repurchasing shares, demonstrating a focus on shareholder returns. These actions, alongside leadership transitions like the appointment of Christopher Woenker as CFO, underscore a period of dynamic strategic management and a forward-looking approach to growth and investor value.

Strategic Acquisitions Driving Growth

Dover completed six acquisitions in 2024 and three in the first half of 2025, including SIKORA AG for €550 million. These acquisitions are key to expanding its presence in high-growth markets.

Shareholder Value Enhancement

The company has a standing authorization to repurchase up to 20 million shares through December 31, 2026. In early 2024, Dover repurchased approximately 2.87 million shares for $500 million.

Strong Institutional Investor Base

As of July 2025, institutional investors and hedge funds collectively own a significant portion, 84.46%, of Dover's stock. This indicates substantial confidence from major financial entities.

Positive Outlook and Future Investments

Dover anticipates robust performance in 2025, projecting adjusted EPS between $9.35 and $9.55. The company also has $400 million in potential M&A revenue, signaling continued strategic expansion and a keen focus on its Target Market of Dover.

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