Dover Co. (NYSE:DOV) Sees Significant Drop in Short Interest

Dover Co. (NYSE:DOV) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 2,150,000 shares, a decrease of 15.4% from the July 15th total of 2,540,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.6% of the shares of the stock are short sold.

Dover Stock Up 0.5 %

DOV stock traded up $0.86 during mid-day trading on Friday, hitting $179.83. 985,084 shares of the company were exchanged, compared to its average volume of 996,871. The company has a market capitalization of $24.71 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 2.13 and a beta of 1.22. Dover has a twelve month low of $127.25 and a twelve month high of $192.31. The firm has a fifty day simple moving average of $180.09 and a 200 day simple moving average of $175.97. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55.

Dover (NYSE:DOV) last released its earnings results on Thursday, July 25th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.15. Dover had a return on equity of 24.94% and a net margin of 17.58%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same period in the previous year, the company earned $2.05 earnings per share. Dover’s revenue was up 3.7% compared to the same quarter last year. On average, research analysts forecast that Dover will post 9.15 earnings per share for the current fiscal year.

Dover Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a $0.515 dividend. This represents a $2.06 dividend on an annualized basis and a dividend yield of 1.15%. This is a positive change from Dover’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, August 30th. Dover’s dividend payout ratio is presently 19.79%.

Wall Street Analysts Forecast Growth

DOV has been the subject of several recent research reports. Royal Bank of Canada lifted their price objective on Dover from $192.00 to $193.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Robert W. Baird reiterated an “outperform” rating and set a $208.00 target price on shares of Dover in a research note on Monday, July 22nd. StockNews.com upgraded Dover from a “hold” rating to a “buy” rating in a report on Friday, April 26th. Wells Fargo & Company raised their target price on Dover from $177.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Finally, Oppenheimer boosted their target price on Dover from $187.00 to $197.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $192.63.

Insider Buying and Selling at Dover

In other Dover news, CFO Brad M. Cerepak sold 4,341 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $184.59, for a total value of $801,305.19. Following the completion of the sale, the chief financial officer now directly owns 12,324 shares in the company, valued at approximately $2,274,887.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dover

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BSW Wealth Partners increased its stake in shares of Dover by 1.2% during the 1st quarter. BSW Wealth Partners now owns 4,930 shares of the industrial products company’s stock worth $874,000 after purchasing an additional 59 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in Dover by 2.6% during the 1st quarter. Summit Trail Advisors LLC now owns 2,333 shares of the industrial products company’s stock worth $413,000 after acquiring an additional 60 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in shares of Dover by 5.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,213 shares of the industrial products company’s stock worth $215,000 after buying an additional 62 shares during the period. Legacy Financial Advisors Inc. increased its position in Dover by 1.7% in the 4th quarter. Legacy Financial Advisors Inc. now owns 3,753 shares of the industrial products company’s stock valued at $577,000 after buying an additional 63 shares in the last quarter. Finally, Valmark Advisers Inc. lifted its stake in shares of Dover by 1.6% in the second quarter. Valmark Advisers Inc. now owns 3,962 shares of the industrial products company’s stock valued at $715,000 after buying an additional 63 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Dover Company Profile

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.