Bank of New York Mellon Corp Purchases New Shares in DXP Enterprises, Inc. $DXPE

Key Points

• Bank of New York Mellon acquired 80,398 shares of DXP Enterprises in the second quarter, worth approximately $13.6 million and representing a 0.52% stake. Institutional investors collectively own 74.82% of the company.
• Analysts maintain a cautiously positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $187.00. Stephens raised its target to $220, while several other firms issued Hold or reduced-buy ratings.
• DXP Enterprises exceeded quarterly expectations, reporting $1.76 in earnings per share versus the $1.59 estimate and revenue of $576.46 million versus $543 million expected. The stock opened at $183.10, down 2.5%, with a market capitalization of approximately $2.84 billion.

Bank of New York Mellon Corp acquired a new stake in DXP Enterprises, Inc. (NASDAQ:DXPE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 80,398 shares of the industrial products company's stock, valued at approximately $13,566,000. Bank of New York Mellon Corp owned 0.52% of DXP Enterprises as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. ProShare Advisors LLC raised its holdings in DXP Enterprises by 3.4% in the 4th quarter. ProShare Advisors LLC now owns 2,527 shares of the industrial products company's stock valued at $277,000 after acquiring an additional 82 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of DXP Enterprises by 0.9% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,857 shares of the industrial products company's stock worth $950,000 after purchasing an additional 100 shares in the last quarter. Private Advisor Group LLC increased its position in shares of DXP Enterprises by 1.2% in the third quarter. Private Advisor Group LLC now owns 10,247 shares of the industrial products company's stock worth $1,220,000 after purchasing an additional 122 shares during the period. Franklin Resources Inc. increased its position in shares of DXP Enterprises by 2.0% in the third quarter. Franklin Resources Inc. now owns 9,228 shares of the industrial products company's stock worth $1,099,000 after purchasing an additional 185 shares during the period. Finally, Sanctuary Advisors LLC raised its stake in DXP Enterprises by 9.7% in the first quarter. Sanctuary Advisors LLC now owns 3,134 shares of the industrial products company's stock valued at $438,000 after purchasing an additional 276 shares in the last quarter. 74.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of DXP Enterprises from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of DXP Enterprises from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 20th. Freedom Capital downgraded shares of DXP Enterprises from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Stephens increased their price target on shares of DXP Enterprises from $160.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Zacks Research cut shares of DXP Enterprises from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Three 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $187.00.

DXP Enterprises Stock Down 2.5%

DXPE stock opened at $183.10 on Wednesday. The firm has a 50-day moving average price of $174.72 and a 200-day moving average price of $159.09. DXP Enterprises, Inc. has a 12 month low of $84.04 and a 12 month high of $208.00. The company has a current ratio of 2.99, a quick ratio of 2.58 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $2.84 billion, a P/E ratio of 32.24 and a beta of 1.02.

DXP Enterprises (NASDAQ:DXPE - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.17. DXP Enterprises had a return on equity of 18.51% and a net margin of 4.35%.The company had revenue of $576.46 million for the quarter, compared to analysts' expectations of $543.00 million.

Insider Buying and Selling

In related news, CMO Paz Maestas sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $164.37, for a total value of $1,643,700.00. Following the sale, the chief marketing officer directly owned 590,262 shares in the company, valued at $97,021,364.94. This represents a 1.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 22.00% of the stock is owned by insiders.

About DXP Enterprises

DXP Enterprises, Inc is a Houston, Texas–based industrial products and services distributor serving customers across North America. The company provides a broad portfolio of maintenance, repair and operations (MRO) supplies, including fluid power components, safety products, mechanical power transmission parts, and instrumentation. DXP's product offering spans well-recognized private brands as well as equipment and parts from leading global manufacturers, enabling clients in energy, heavy industrial and manufacturing sectors to source critical components from a single supplier.

Through its network of service centers and specialized repair facilities, DXP delivers inventory management programs, turnkey fluid power rebuilds and custom assembly solutions.

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