Dover Corp (NYSE:DOV) Sees Large Drop in Short Interest

Dover Corp (NYSE:DOV) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 3,680,000 shares, a decrease of 7.1% from the December 15th total of 3,960,000 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average trading volume of 866,900 shares, the days-to-cover ratio is currently 4.2 days.

DOV has been the subject of a number of recent research reports. Zacks Investment Research raised Dover from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Tuesday, October 22nd. Robert W. Baird upped their price target on Dover from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley increased their price objective on Dover from $114.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday. ValuEngine downgraded Dover from a “hold” rating to a “sell” rating in a report on Saturday, January 4th. Finally, Royal Bank of Canada set a $96.00 price objective on Dover and gave the company a “hold” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $109.11.

NYSE DOV opened at $119.60 on Friday. The company has a market cap of $17.01 billion, a PE ratio of 24.06, a PEG ratio of 1.62 and a beta of 1.50. The company has a current ratio of 1.42, a quick ratio of 0.97 and a debt-to-equity ratio of 0.96. Dover has a 12 month low of $77.41 and a 12 month high of $119.62. The stock has a 50 day moving average of $114.44 and a 200-day moving average of $102.89.

Dover (NYSE:DOV) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.51 by $0.09. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.81 billion. Dover had a return on equity of 29.62% and a net margin of 9.08%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.36 EPS. As a group, sell-side analysts predict that Dover will post 5.85 EPS for the current fiscal year.

In other Dover news, SVP Ivonne M. Cabrera sold 4,055 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $112.48, for a total transaction of $456,106.40. Also, VP William Spurgeon sold 6,559 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $109.48, for a total value of $718,079.32. Following the transaction, the vice president now directly owns 5,296 shares of the company’s stock, valued at approximately $579,806.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,210 shares of company stock valued at $2,712,287. Insiders own 1.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Trust N.A. raised its stake in Dover by 2.5% in the 4th quarter. Raymond James Trust N.A. now owns 3,746 shares of the industrial products company’s stock valued at $432,000 after acquiring an additional 93 shares during the period. Allworth Financial LP raised its stake in Dover by 113.0% in the 4th quarter. Allworth Financial LP now owns 213 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 113 shares during the period. Mutual Advisors LLC raised its stake in Dover by 4.3% in the 3rd quarter. Mutual Advisors LLC now owns 2,865 shares of the industrial products company’s stock valued at $285,000 after acquiring an additional 117 shares during the period. Fiduciary Financial Services of The Southwest Inc. TX raised its stake in Dover by 1.5% in the 3rd quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 11,019 shares of the industrial products company’s stock valued at $1,097,000 after acquiring an additional 163 shares during the period. Finally, CSat Investment Advisory L.P. raised its stake in Dover by 72.8% in the 2nd quarter. CSat Investment Advisory L.P. now owns 432 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 182 shares during the period. 86.89% of the stock is owned by institutional investors.

About Dover

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets.

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