This research aims to answer if investment opportunity set influences the stock price, if dividend payout influences stock price, and if capital structure influences stock price moderated by institutional ownership. This research utilizes secondary data that is financial report released by Indonesian Capital Market Directory (ICDM). This research was conducted from 2003 until 2011. The research sample was manufacturer companies paying dividend and the total observation for the hypothesis test was 349 units. The result showed that the improvement of investment opportunity set increased the stock price. Increase of dividend payout did not increase the stock price; this result was different with the previous research in which dividend payout increased the stock price. Increase of capital structure decreased the stock price. Increase of institutional ownership increased the stock price. Increase institutional ownership moderated the capital structure decreased the stock price.