ProShare Advisors LLC Reduces Holdings in Dover Corporation $DOV

ProShare Advisors LLC reduced its position in Dover Corporation (NYSE:DOV) by 5.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 921,025 shares of the industrial products company’s stock after selling 54,526 shares during the period. ProShare Advisors LLC owned approximately 0.67% of Dover worth $153,655,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of DOV. AdvisorShares Investments LLC acquired a new stake in Dover during the 2nd quarter valued at approximately $30,000. Vermillion & White Wealth Management Group LLC grew its position in shares of Dover by 122.4% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the industrial products company’s stock worth $31,000 after buying an additional 93 shares in the last quarter. Caldwell Trust Co acquired a new stake in shares of Dover during the second quarter worth approximately $31,000. Harbour Investments Inc. raised its holdings in Dover by 51.7% in the second quarter. Harbour Investments Inc. now owns 176 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 60 shares in the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in Dover during the 2nd quarter valued at $37,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Dover from $205.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, January 30th. Robert W. Baird set a $255.00 price objective on Dover in a report on Friday, January 30th. BNP Paribas Exane assumed coverage on Dover in a report on Thursday, December 4th. They set a “neutral” rating and a $195.00 target price on the stock. Citigroup reiterated a “buy” rating on shares of Dover in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. raised their price objective on Dover from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $224.00.

Dover Stock Up 2.8%

Dover stock opened at $223.75 on Monday. The firm has a market capitalization of $30.69 billion, a P/E ratio of 28.18, a P/E/G ratio of 1.72 and a beta of 1.29. The company has a 50-day simple moving average of $201.20 and a 200-day simple moving average of $184.87. Dover Corporation has a one year low of $143.04 and a one year high of $224.03. 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 (NYSE:DOV) last posted its earnings results on Thursday, January 29th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.03. Dover had a net margin of 13.52% and a return on equity of 17.87%. The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the previous year, the business posted $2.20 EPS. Dover’s revenue was up 8.8% on a year-over-year basis. As a group, equities analysts expect that Dover Corporation will post 9.45 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Christopher B. Woenker sold 1,627 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $186.04, for a total value of $302,687.08. Following the completion of the transaction, the chief financial officer owned 2,553 shares of the company’s stock, valued at approximately $474,960.12. This represents a 38.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Ivonne M. Cabrera sold 2,630 shares of the firm’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $190.80, for a total value of $501,804.00. Following the transaction, the senior vice president directly owned 72,968 shares in the company, valued at $13,922,294.40. This trade represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.20% of the company’s stock.

About Dover

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.