Short Interest in Dover Corporation (NYSE:DOV) Declines By 24.3%

Dover Corporation (NYSE:DOV) saw a large decline in short interest in March. As of March 13th, there was short interest totaling 2,946,376 shares, a decline of 24.3% from the February 26th total of 3,893,553 shares. Based on an average daily trading volume, of 1,245,508 shares, the short-interest ratio is currently 2.4 days. Currently, 2.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on DOV shares. Citigroup reiterated a “buy” rating on shares of Dover in a report on Monday, January 12th. UBS Group set a $256.00 price objective on Dover and gave the company a “buy” rating in a report on Sunday, January 4th. BNP Paribas Exane began coverage on Dover in a report on Thursday, December 4th. They issued a “neutral” rating and a $195.00 target price for the company. BMO Capital Markets initiated coverage on Dover in a research report on Friday. They issued a “market perform” rating and a $237.00 target price for the company. Finally, Weiss Ratings raised Dover from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 6th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.54.

Dover Trading Up 2.8%

Shares of NYSE:DOV traded up $5.72 during mid-day trading on Tuesday, reaching $208.53. 848,774 shares of the company’s stock were exchanged, compared to its average volume of 1,296,096. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.79. Dover has a twelve month low of $143.04 and a twelve month high of $237.54. The firm has a market capitalization of $28.11 billion, a price-to-earnings ratio of 26.26, a PEG ratio of 1.59 and a beta of 1.26. The business’s fifty day moving average price is $216.63 and its 200-day moving average price is $195.16.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.03. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.09 billion. Dover had a return on equity of 17.87% and a net margin of 13.52%.Dover’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.20 earnings per share. On average, research analysts predict that Dover will post 9.45 EPS for the current fiscal year.

Dover Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, February 27th. This represents a $2.08 annualized dividend and a yield of 1.0%. Dover’s dividend payout ratio (DPR) is presently 26.20%.

Insider Buying and Selling

In related news, SVP Ivonne M. Cabrera sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $233.23, for a total value of $932,920.00. Following the sale, the senior vice president directly owned 72,188 shares of the company’s stock, valued at $16,836,407.24. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard J. Tobin sold 76,997 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $232.70, for a total value of $17,917,201.90. Following the transaction, the chief executive officer directly owned 217,979 shares of the company’s stock, valued at approximately $50,723,713.30. The trade was a 26.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 82,497 shares of company stock worth $19,196,277 in the last ninety days. 1.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Dover

Several large investors have recently modified their holdings of the company. Meeder Asset Management Inc. lifted its holdings in Dover by 234.2% in the fourth quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock valued at $25,000 after buying an additional 89 shares during the period. Reflection Asset Management acquired a new stake in Dover during the 4th quarter worth about $26,000. Financial Life Planners bought a new position in shares of Dover in the 3rd quarter worth about $25,000. MV Capital Management Inc. bought a new position in shares of Dover in the 4th quarter worth about $29,000. Finally, Tompkins Financial Corp lifted its stake in shares of Dover by 102.7% in the 4th quarter. Tompkins Financial Corp now owns 152 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 77 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Dover Company Profile

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.