Short Interest in Dover Co. (NYSE:DOV) Declines By 6.4%

Dover Co. (NYSE:DOV) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,320,000 shares, a drop of 6.4% from the October 15th total of 1,410,000 shares. Based on an average daily trading volume, of 886,200 shares, the short-interest ratio is currently 1.5 days. Approximately 1.0% of the shares of the company are short sold.

Dover Price Performance

Shares of DOV opened at $200.53 on Tuesday. The firm has a market capitalization of $27.51 billion, a PE ratio of 17.94, a PEG ratio of 2.70 and a beta of 1.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.57 and a quick ratio of 1.06. Dover has a fifty-two week low of $136.50 and a fifty-two week high of $204.93. The company’s 50-day moving average is $191.96 and its 200-day moving average is $184.92.

Dover Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.515 dividend. The ex-dividend date is Friday, November 29th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.03%. Dover’s payout ratio is 18.43%.

Insider Activity at Dover

In other Dover news, CFO Brad M. Cerepak sold 14,818 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $175.00, for a total value of $2,593,150.00. Following the sale, the chief financial officer now owns 12,324 shares of the company’s stock, valued at $2,156,700. The trade was a 54.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Ivonne M. Cabrera sold 1,220 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $185.00, for a total transaction of $225,700.00. Following the completion of the sale, the senior vice president now directly owns 47,060 shares in the company, valued at approximately $8,706,100. The trade was a 2.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,042 shares of company stock worth $7,368,578. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Dover

A number of large investors have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. acquired a new stake in shares of Dover during the 1st quarter worth $382,000. O Shaughnessy Asset Management LLC grew its stake in Dover by 7.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 18,756 shares of the industrial products company’s stock worth $3,323,000 after buying an additional 1,299 shares in the last quarter. UniSuper Management Pty Ltd increased its holdings in Dover by 389.1% in the 1st quarter. UniSuper Management Pty Ltd now owns 7,156 shares of the industrial products company’s stock valued at $1,268,000 after buying an additional 5,693 shares during the period. Arjuna Capital acquired a new position in shares of Dover in the 1st quarter valued at approximately $472,000. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Dover by 1.8% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 108,025 shares of the industrial products company’s stock worth $19,144,000 after acquiring an additional 1,953 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DOV. UBS Group assumed coverage on Dover in a research report on Wednesday, November 13th. They set a “neutral” rating and a $217.00 price target on the stock. Wells Fargo & Company raised their target price on Dover from $190.00 to $197.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Oppenheimer reaffirmed an “outperform” rating and set a $215.00 price target (up previously from $210.00) on shares of Dover in a research report on Wednesday, October 16th. Mizuho lifted their price target on Dover from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, StockNews.com raised shares of Dover from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $208.40.

About Dover

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.