Dover Corporation (NYSE:DOV) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has reduced its holdings in Dover Corporation by 65.4%, selling 92,094 shares and leaving them with 48,824 shares valued at $8.58 million.
• Institutional investors now own approximately 84.46% of Dover's stock, with several hedge funds increasing their positions in the company during the fourth quarter.
• Analysts have given Dover a consensus rating of "Moderate Buy", with target price estimates ranging from $193.00 to $226.00, reflecting positive sentiment towards the company's future performance.

Bank of Nova Scotia lowered its holdings in Dover Corporation (NYSE:DOV - Free Report) by 65.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,824 shares of the industrial products company's stock after selling 92,094 shares during the period. Bank of Nova Scotia's holdings in Dover were worth $8,577,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in DOV. Brighton Jones LLC grew its stake in shares of Dover by 62.1% in the 4th quarter. Brighton Jones LLC now owns 2,944 shares of the industrial products company's stock worth $552,000 after purchasing an additional 1,128 shares during the last quarter. World Investment Advisors grew its stake in shares of Dover by 2.7% in the 4th quarter. World Investment Advisors now owns 3,354 shares of the industrial products company's stock worth $629,000 after purchasing an additional 87 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of Dover in the 4th quarter worth approximately $9,553,000. Federated Hermes Inc. boosted its holdings in shares of Dover by 28.6% in the fourth quarter. Federated Hermes Inc. now owns 52,442 shares of the industrial products company's stock worth $9,838,000 after buying an additional 11,647 shares during the period. Finally, FMR LLC increased its position in shares of Dover by 1.1% in the fourth quarter. FMR LLC now owns 3,118,391 shares of the industrial products company's stock worth $585,010,000 after acquiring an additional 32,565 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DOV shares. Royal Bank Of Canada lifted their target price on shares of Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. lifted their target price on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Citigroup reissued a "buy" rating and issued a $226.00 target price (up from $202.00) on shares of Dover in a research report on Monday, July 14th. Barclays lifted their target price on shares of Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company lifted their target price on shares of Dover from $190.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $213.92.

Dover Price Performance

Shares of DOV opened at $176.09 on Tuesday. The firm has a market cap of $24.15 billion, a PE ratio of 10.62, a PEG ratio of 1.39 and a beta of 1.26. The firm's 50 day moving average price is $182.61 and its 200 day moving average price is $182.75. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.95. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31.

Dover (NYSE:DOV - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.05. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Dover had a net margin of 29.29% and a return on equity of 18.19%. The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.36 earnings per share. As a group, research analysts expect that Dover Corporation will post 9.45 EPS for the current fiscal year.

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.

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