DXP Enterprises (NASDAQ:DXPE) Raised to "Buy" at Freedom Broker

Key Points

• Freedom Broker upgraded DXP Enterprises to “Buy” from “Hold,” while lowering its price target to $175 from $180; the new target implies 12% upside from the prior close.
• DXP shares rose 11.1% to $156.25 on Monday. Analysts’ average rating is “Moderate Buy,” with an average price target of $183.
• Quarterly earnings were $1.64 per share, below the $1.79 consensus estimate, while revenue of $587.18 million slightly exceeded expectations.

DXP Enterprises (NASDAQ:DXPE - Get Free Report) was upgraded by analysts at Freedom Broker from a "hold" rating to a "buy" rating in a note issued to investors on Monday, FinViz reports. The brokerage currently has a $175.00 target price on the industrial products company's stock, down from their previous target price of $180.00. Freedom Broker's price target suggests a potential upside of 12.00% from the stock's previous close.

DXPE has been the topic of several other reports. Stephens raised their target price on shares of DXP Enterprises from $160.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Wall Street Zen lowered shares of DXP Enterprises from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Weiss Ratings cut shares of DXP Enterprises from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, October 26th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, DXP Enterprises has an average rating of "Moderate Buy" and an average target price of $183.00.

DXP Enterprises Trading Up 11.1%

Shares of DXP Enterprises stock traded up $15.57 during trading hours on Monday, hitting $156.25. The company's stock had a trading volume of 95,322 shares, compared to its average volume of 155,471. DXP Enterprises has a 12 month low of $84.04 and a 12 month high of $208.00. The stock has a 50 day moving average of $178.94 and a 200 day moving average of $161.97. The company has a market capitalization of $2.42 billion, a PE ratio of 25.95 and a beta of 1.03. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.96 and a quick ratio of 2.56.

DXP Enterprises (NASDAQ:DXPE - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The industrial products company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.15). DXP Enterprises had a net margin of 4.45% and a return on equity of 18.67%. The business had revenue of $587.18 million for the quarter, compared to the consensus estimate of $584.50 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in DXP Enterprises in the 2nd quarter valued at approximately $13,566,000. Congress Asset Management Co. grew its stake in shares of DXP Enterprises by 21.7% during the 3rd quarter. Congress Asset Management Co. now owns 64,015 shares of the industrial products company's stock worth $11,600,000 after acquiring an additional 11,423 shares in the last quarter. First Trust Advisors LP grew its stake in shares of DXP Enterprises by 1.1% during the 1st quarter. First Trust Advisors LP now owns 68,634 shares of the industrial products company's stock worth $9,590,000 after acquiring an additional 756 shares in the last quarter. Globeflex Capital L P bought a new position in shares of DXP Enterprises during the 2nd quarter worth approximately $6,507,000. Finally, SummerHaven Investment Management LLC raised its holdings in shares of DXP Enterprises by 110.6% in the third quarter. SummerHaven Investment Management LLC now owns 17,271 shares of the industrial products company's stock valued at $3,130,000 after purchasing an additional 9,070 shares during the last quarter. 74.82% of the stock is currently owned by institutional investors.

About DXP Enterprises

DXP Enterprises, Inc is a distributor of industrial products and provider of related services. It supplies maintenance, repair and operating products, including bearings, power-transmission components, safety equipment and other industrial supplies to customers in a range of industries.

The company also provides pump and rotating-equipment services, such as pump repair and packaged pumping systems, as well as supply-chain services that support customers' procurement and inventory-management needs.

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