Dover Sees Unusually High Options Volume (NYSE:DOV)

Dover Corp (NYSE:DOV) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 1,552 call options on the company. This is an increase of 2,325% compared to the average daily volume of 64 call options.

Shares of DOV stock traded down $0.20 during midday trading on Wednesday, reaching $95.78. 710,675 shares of the company were exchanged, compared to its average volume of 698,024. Dover has a 12 month low of $65.83 and a 12 month high of $103.47. The company has a market cap of $14.16 billion, a P/E ratio of 19.27, a PEG ratio of 1.45 and a beta of 1.47. The company’s 50 day moving average price is $96.16 and its two-hundred day moving average price is $95.86. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.91 and a current ratio of 1.34.

Dover (NYSE:DOV) last released its quarterly earnings results on Thursday, July 18th. The industrial products company reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.01. Dover had a net margin of 8.50% and a return on equity of 29.22%. The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the firm earned $1.30 EPS. Dover’s revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts predict that Dover will post 5.83 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.49 dividend. This is an increase from Dover’s previous quarterly dividend of $0.48. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Thursday, August 29th. Dover’s payout ratio is presently 39.44%.

A number of research analysts have issued reports on DOV shares. Robert W. Baird boosted their target price on shares of Dover from $100.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Barclays boosted their price target on shares of Dover from $111.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Royal Bank of Canada boosted their price target on shares of Dover to $97.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 11th. Citigroup boosted their price target on shares of Dover from $113.00 to $114.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Dover from $82.00 to $93.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Dover has an average rating of “Hold” and a consensus target price of $99.12.

In other Dover news, VP William Spurgeon sold 20,049 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $98.42, for a total transaction of $1,973,222.58. Following the completion of the transaction, the vice president now directly owns 5,296 shares of the company’s stock, valued at approximately $521,232.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brad M. Cerepak sold 9,918 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $90.93, for a total transaction of $901,843.74. The disclosure for this sale can be found here. Insiders have sold a total of 45,383 shares of company stock valued at $4,385,834 over the last three months. 1.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Unigestion Holding SA raised its holdings in shares of Dover by 1.4% in the 2nd quarter. Unigestion Holding SA now owns 7,463 shares of the industrial products company’s stock worth $748,000 after purchasing an additional 104 shares in the last quarter. Synovus Financial Corp raised its holdings in shares of Dover by 2.4% in the 2nd quarter. Synovus Financial Corp now owns 5,100 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 118 shares in the last quarter. Hartford Investment Management Co. raised its holdings in shares of Dover by 0.7% in the 2nd quarter. Hartford Investment Management Co. now owns 18,420 shares of the industrial products company’s stock worth $1,846,000 after purchasing an additional 128 shares in the last quarter. Pittenger & Anderson Inc. raised its holdings in shares of Dover by 0.5% in the 2nd quarter. Pittenger & Anderson Inc. now owns 26,025 shares of the industrial products company’s stock worth $2,608,000 after purchasing an additional 135 shares in the last quarter. Finally, NewFocus Financial Group LLC raised its holdings in shares of Dover by 0.4% in the 2nd quarter. NewFocus Financial Group LLC now owns 38,198 shares of the industrial products company’s stock worth $3,827,000 after purchasing an additional 155 shares in the last quarter. Institutional investors and hedge funds own 85.99% of the company’s stock.

Dover Company Profile

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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