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Dover Co. (NYSE:DOV) Sees Large Increase in Short Interest

Dover logo with Industrial Products background

Dover Co. (NYSE:DOV - Get Free Report) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 1,650,000 shares, a growth of 46.0% from the November 15th total of 1,130,000 shares. Based on an average daily trading volume, of 848,600 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.2% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group lifted their price objective on Dover from $202.00 to $223.00 and gave the company a "buy" rating in a report on Thursday. Citigroup boosted their price target on Dover from $226.00 to $236.00 and gave the company a "buy" rating in a research note on Monday. UBS Group assumed coverage on shares of Dover in a research report on Wednesday, November 13th. They set a "neutral" rating and a $217.00 price objective for the company. StockNews.com lowered shares of Dover from a "buy" rating to a "hold" rating in a report on Wednesday. Finally, Oppenheimer reiterated 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. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $213.91.

Read Our Latest Research Report on DOV

Institutional Trading of Dover

A number of hedge funds have recently made changes to their positions in DOV. McClarren Financial Advisors Inc. boosted its position in Dover by 4,400.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 180 shares of the industrial products company's stock worth $32,000 after buying an additional 176 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Dover in the third quarter worth $33,000. Fairscale Capital LLC acquired a new stake in Dover in the second quarter valued at $34,000. Ashton Thomas Private Wealth LLC bought a new position in Dover during the 2nd quarter worth $41,000. Finally, Avior Wealth Management LLC lifted its holdings in Dover by 183.5% during the 3rd quarter. Avior Wealth Management LLC now owns 258 shares of the industrial products company's stock worth $49,000 after buying an additional 167 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Price Performance

Shares of NYSE DOV traded down $0.23 during midday trading on Friday, reaching $201.13. 687,306 shares of the company were exchanged, compared to its average volume of 937,939. The stock's 50-day moving average price is $197.33 and its 200-day moving average price is $187.40. The stock has a market cap of $27.59 billion, a P/E ratio of 17.99, a PEG ratio of 2.70 and a beta of 1.22. 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 has a one year low of $143.96 and a one year high of $208.26.

Dover Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.515 dividend. The ex-dividend date is Friday, November 29th. This represents a $2.06 dividend on an annualized basis and a yield of 1.02%. Dover's payout ratio is presently 18.43%.

About Dover

(Get Free Report)

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.

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