Caprock Group LLC has established a new investment in shares of Donaldson Company, Inc. (NYSE: DCI), acquiring approximately 15,363 shares valued at around $1.22 million. This acquisition was disclosed in the firm’s most recent filing with the Securities and Exchange Commission (SEC), marking a significant move in the third quarter of 2023.
The investment landscape for Donaldson has seen notable activity, with several large investors adjusting their stakes in the company. The Royal Bank of Canada increased its holdings by 38.2% during the first quarter, now owning 102,128 shares worth approximately $6.85 million after acquiring an additional 28,207 shares. Similarly, Integrated Wealth Concepts LLC raised its position by 16.5%, bringing its total to 3,479 shares valued at $233,000.
Another significant player, Millennium Management LLC, expanded its holdings dramatically by 428.6%, now controlling 223,976 shares worth about $15.02 million. The Goldman Sachs Group Inc. also increased its stake by 29.0%, owning 279,525 shares valued at $18.75 million after acquiring 62,864 additional shares. Janney Montgomery Scott LLC made a more modest increase of 2.2%, now holding 7,291 shares worth $506,000.
Institutional investors now account for 82.81% of Donaldson’s stock, reflecting strong confidence in the company’s potential.
Market Performance and Dividend Announcement
As of the latest trading session, shares of Donaldson Company opened at $109.38, with the stock experiencing a 0.5% decline. Over the past year, the stock has fluctuated between a low of $57.45 and a high of $112.84. The company currently boasts a market capitalization of $12.62 billion and a price-to-earnings (P/E) ratio of 34.08. Its dividend yield stands at 1.1%, following the announcement of a quarterly dividend of $0.30 per share, set to be paid on February 27, 2024. Shareholders of record on February 12, 2024 will be eligible for this dividend, which represents an annualized payout of $1.20.
Donaldson’s dividend payout ratio currently sits at 37.38%, indicating a balanced approach to returning capital to shareholders while maintaining reinvestment in the business.
Analyst Ratings and Insider Activity
Recent assessments from research analysts highlight a mixed outlook for Donaldson’s stock. Stifel Nicolaus recently increased its price target from $90.00 to $96.00, maintaining a “hold” rating. In contrast, Jefferies Financial Group has set a more optimistic target of $123.00 with a “buy” rating. The consensus rating across analysts is categorized as “Moderate Buy,” with an average target price of $103.25.
In terms of insider trading, Ajita G. Rajendra, a director at Donaldson, sold 19,800 shares on December 5, 2023, at an average price of $92.04, amounting to approximately $1.82 million. Following this transaction, Rajendra owns 43,993 shares valued at about $4.05 million. Additionally, Bradley J. Pogalz, the Chief Financial Officer, sold 566 shares at an average price of $91.57, totaling around $51,829. Following this sale, Pogalz holds 434 shares valued at approximately $39,741.
Donaldson Company, Inc. is recognized globally for providing filtration systems and replacement parts across various industries, including agriculture, construction, and aerospace. The company operates through two primary segments: Engine Products and Industrial Products, focusing on improving performance and reducing emissions for its customers.
