Traders Buy High Volume of Put Options on Dover (NYSE:DOV)

Dover Corp (NYSE:DOV) was the target of unusually large options trading activity on Tuesday. Traders acquired 1,040 put options on the stock. This is an increase of approximately 820% compared to the typical daily volume of 113 put options.

A number of institutional investors and hedge funds have recently modified their holdings of DOV. BlackRock Inc. grew its stake in Dover by 17.4% in the 4th quarter. BlackRock Inc. now owns 11,821,885 shares of the industrial products company’s stock valued at $838,764,000 after purchasing an additional 1,754,640 shares during the period. Boston Partners grew its stake in shares of Dover by 29.2% during the 1st quarter. Boston Partners now owns 7,642,284 shares of the industrial products company’s stock worth $716,846,000 after acquiring an additional 1,728,856 shares during the period. Norges Bank bought a new position in shares of Dover during the 4th quarter worth $89,421,000. Deutsche Bank AG grew its stake in shares of Dover by 126.5% during the 4th quarter. Deutsche Bank AG now owns 999,883 shares of the industrial products company’s stock worth $70,937,000 after acquiring an additional 558,477 shares during the period. Finally, Squarepoint Ops LLC lifted its holdings in Dover by 1,827.0% during the 4th quarter. Squarepoint Ops LLC now owns 267,712 shares of the industrial products company’s stock worth $18,994,000 after purchasing an additional 253,819 shares in the last quarter. 84.90% of the stock is currently owned by hedge funds and other institutional investors.

Dover stock traded up $1.76 during midday trading on Thursday, reaching $97.22. The company’s stock had a trading volume of 1,964,228 shares, compared to its average volume of 1,021,331. The firm’s 50-day moving average is $97.41. The company has a current ratio of 1.30, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The firm has a market cap of $14.43 billion, a PE ratio of 19.56, a PEG ratio of 1.48 and a beta of 1.49. Dover has a 52 week low of $65.83 and a 52 week high of $103.47.

Dover (NYSE:DOV) last posted its quarterly earnings data on Thursday, July 18th. The industrial products company reported $1.56 EPS for the quarter, topping the Zacks’ consensus estimate of $1.53 by $0.03. Dover had a return on equity of 28.48% and a net margin of 7.69%. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. Research analysts anticipate that Dover will post 5.82 EPS for the current fiscal year.

A number of equities research analysts have commented on DOV shares. Citigroup set a $113.00 price objective on shares of Dover and gave the stock a “buy” rating in a report on Monday, April 22nd. Deutsche Bank increased their price target on shares of Keysight Technologies from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Morgan Stanley cut Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a research note on Monday, April 22nd. Robert W. Baird began coverage on Rocket Pharmaceuticals in a research note on Monday, April 22nd. They set an “outperform” rating for the company. Finally, Zacks Investment Research cut shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, April 24th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $95.36.

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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