PNC Financial Services Group Inc. Reduces Holdings in Dover Corporation (NYSE:DOV)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Dover Corporation by 5.7%, now holding about 175,537 shares worth approximately $30.84 million.
• Dover reported earnings of $2.44 per share for the latest quarter, surpassing analyst expectations and achieving a 5.2% year-over-year revenue increase.
• Recent analyst upgrades raised Dover's target price, with JPMorgan Chase increasing its price target from $211 to $217, labeling the stock as "overweight."

PNC Financial Services Group Inc. lowered its stake in shares of Dover Corporation (NYSE:DOV - Free Report) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,537 shares of the industrial products company's stock after selling 10,692 shares during the period. PNC Financial Services Group Inc. owned about 0.13% of Dover worth $30,838,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Brighton Jones LLC boosted its holdings in shares of Dover by 62.1% during 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 lifted 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 acquiring an additional 87 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in Dover in the fourth quarter valued at about $9,553,000. Federated Hermes Inc. increased its holdings in Dover by 28.6% in the fourth quarter. Federated Hermes Inc. now owns 52,442 shares of the industrial products company's stock valued at $9,838,000 after buying an additional 11,647 shares in the last quarter. Finally, FMR LLC grew its stake in Dover by 1.1% in the 4th 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 during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Dover from $190.00 to $195.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Morgan Stanley started coverage on shares of Dover in a research report on Monday, April 14th. They issued an "equal weight" rating and a $185.00 price objective for the company. Royal Bank Of Canada lifted their price target on shares of Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Citigroup reiterated a "buy" rating and issued a $226.00 price objective (up previously from $202.00) on shares of Dover in a research note on Monday, July 14th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, Dover presently has a consensus rating of "Moderate Buy" and a consensus price target of $213.92.

Dover Trading Down 0.2%

Shares of NYSE:DOV traded down $0.40 during trading on Thursday, reaching $173.90. 719,351 shares of the company traded hands, compared to its average volume of 1,072,204. The firm has a market capitalization of $23.85 billion, a price-to-earnings ratio of 10.49, a P/E/G ratio of 1.41 and a beta of 1.26. Dover Corporation has a 52-week low of $143.04 and a 52-week high of $222.31. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. The business's fifty day moving average is $182.42 and its 200-day moving average is $182.65.

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

About Dover

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.