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

Dover Co. (NYSE:DOV) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,320,000 shares, a decline 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 days-to-cover ratio is currently 1.5 days. Approximately 1.0% of the shares of the stock are sold short.

Dover Stock Performance

Shares of DOV stock opened at $200.53 on Tuesday. The firm has a market capitalization of $27.51 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 2.70 and a beta of 1.22. The stock has a fifty day moving average of $191.96 and a 200 day moving average of $184.92. Dover has a 52 week low of $136.50 and a 52 week high of $204.93. The company has a quick ratio of 1.06, a current ratio of 1.57 and a debt-to-equity ratio of 0.53.

Dover Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently commented on DOV shares. Barclays boosted their target price on Dover from $186.00 to $190.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Mizuho increased their target price on Dover from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. StockNews.com upgraded shares of Dover from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Wolfe Research upgraded shares of Dover from a “peer perform” rating to an “outperform” rating and set a $227.00 price objective for the company in a report on Monday, October 28th. Finally, UBS Group began coverage on shares of Dover in a report on Wednesday, November 13th. They issued a “neutral” rating and a $217.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $208.40.

Insiders Place Their Bets

In related news, CFO Brad M. Cerepak sold 14,818 shares of Dover stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $175.00, for a total transaction of $2,593,150.00. Following the sale, the chief financial officer now directly owns 12,324 shares in the company, valued at $2,156,700. This trade represents a 54.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard J. Tobin sold 25,004 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $181.96, for a total transaction of $4,549,727.84. Following the completion of the sale, the chief executive officer now directly owns 182,928 shares in the company, valued at approximately $33,285,578.88. This represents a 12.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,042 shares of company stock valued at $7,368,578. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DOV. Edgestream Partners L.P. purchased a new stake in shares of Dover in the first quarter worth $382,000. O Shaughnessy Asset Management LLC lifted its stake in shares of Dover by 7.4% in 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 grew its holdings in shares of Dover by 389.1% during the first 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 last quarter. Arjuna Capital bought a new stake in shares of Dover during the first quarter valued at approximately $472,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Dover by 1.8% in 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 last quarter. Institutional investors own 84.46% of the company’s stock.

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.