Dorman Products (NASDAQ:DORM) Stock Rating Upgraded by Freedom Broker

Key Points

• Freedom Broker upgraded Dorman Products from “hold” to “buy,” while setting a $152 price target, implying 17.16% potential upside despite lowering its previous target from $154.
• Dorman Products reported quarterly EPS of $2.08, exceeding the $2.00 consensus estimate; revenue rose 3.3% year over year to $561.72 million but fell slightly short of expectations.
• Analyst sentiment is broadly positive, with six buy ratings and three hold ratings, producing a “Moderate Buy” consensus and an average price target of $148.40.

Dorman Products (NASDAQ:DORM - Get Free Report) was upgraded by stock analysts at Freedom Broker from a "hold" rating to a "buy" rating in a report released on Wednesday, Benzinga reports. The brokerage currently has a $152.00 target price on the auto parts company's stock, down from their previous target price of $154.00. Freedom Broker's price objective would suggest a potential upside of 17.16% from the stock's current price.

DORM has been the topic of a number of other research reports. Freedom Capital cut shares of Dorman Products from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Wells Fargo & Company lowered their price objective on Dorman Products from $160.00 to $150.00 and set an "overweight" rating for the company in a research report on Friday, October 23rd. Weiss Ratings raised Dorman Products from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Finally, Roth Capital restated a "buy" rating on shares of Dorman Products in a research report on Wednesday, August 5th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $148.40.

Dorman Products Price Performance

NASDAQ DORM traded up $5.43 during trading on Wednesday, hitting $129.74. 370,846 shares of the company's stock were exchanged, compared to its average volume of 259,113. The company has a market cap of $3.85 billion, a PE ratio of 19.31 and a beta of 1.02. The company has a current ratio of 3.60, a quick ratio of 1.73 and a debt-to-equity ratio of 0.29. Dorman Products has a fifty-two week low of $98.44 and a fifty-two week high of $155.37. The stock's 50 day moving average price is $125.62 and its two-hundred day moving average price is $123.47.

Dorman Products (NASDAQ:DORM - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The auto parts company reported $2.08 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.08. Dorman Products had a return on equity of 19.37% and a net margin of 10.18%. The firm had revenue of $561.72 million for the quarter, compared to analyst estimates of $565.33 million. During the same period last year, the firm posted $2.62 earnings per share. The business's revenue for the quarter was up 3.3% on a year-over-year basis. Research analysts expect that Dorman Products will post 8.65 EPS for the current year.

Insider Activity at Dorman Products

In other Dorman Products news, CAO Gregory Bowen sold 3,531 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $145.01, for a total value of $512,030.31. Following the completion of the transaction, the chief accounting officer owned 5,340 shares in the company, valued at $774,353.40. This represents a 39.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.70% of the company's stock.

Institutional Trading of Dorman Products

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new stake in shares of Dorman Products in the second quarter valued at approximately $57,222,000. Jupiter Topco LLC purchased a new stake in shares of Dorman Products during the 2nd quarter valued at approximately $1,605,000. Legal & General Group Plc purchased a new stake in shares of Dorman Products during the 2nd quarter valued at approximately $8,620,000. Corient Private Wealth LP bought a new position in Dorman Products in the 2nd quarter worth approximately $4,651,000. Finally, The Manufacturers Life Insurance Company bought a new position in Dorman Products in the 2nd quarter worth approximately $1,822,000. Institutional investors own 84.70% of the company's stock.

Dorman Products Company Profile

Dorman Products, Inc develops, manufactures and distributes replacement and upgrade parts for automobiles, light-, medium- and heavy-duty trucks, and other vehicles. Its products are sold primarily through the automotive aftermarket, serving professional repair shops, retailers, distributors, e-commerce channels and do-it-yourself consumers.

The company offers a broad range of products, including engine, transmission, cooling, electrical, steering, suspension, braking, chassis and body components.

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