DXP Enterprises, Inc. $DXPE Stake Cut by Bank of America Corp DE

Key Points

• Bank of America reduced its DXP Enterprises stake by 26.8% in the first quarter, selling 17,923 shares and retaining 48,929 shares worth approximately $6.84 million.
• Other institutional investors generally increased their positions, with Wasatch Advisors raising its holdings by 480.2%; institutions collectively own 74.82% of DXPE.
• DXP Enterprises reported quarterly earnings of $1.76 per share and revenue of $576.46 million, exceeding analyst estimates. Shares opened at $188.44, while analysts maintained a “Moderate Buy” consensus and a $187 price target.

Bank of America Corp DE cut its holdings in DXP Enterprises, Inc. (NASDAQ:DXPE - Free Report) by 26.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 48,929 shares of the industrial products company's stock after selling 17,923 shares during the period. Bank of America Corp DE owned about 0.32% of DXP Enterprises worth $6,837,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in DXP Enterprises by 12.7% in the fourth quarter. Wellington Management Group LLP now owns 1,219,299 shares of the industrial products company's stock valued at $133,867,000 after buying an additional 137,577 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of DXP Enterprises by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 964,360 shares of the industrial products company's stock valued at $105,877,000 after purchasing an additional 18,414 shares during the period. Wasatch Advisors LP raised its holdings in shares of DXP Enterprises by 480.2% during the fourth quarter. Wasatch Advisors LP now owns 754,706 shares of the industrial products company's stock valued at $82,859,000 after buying an additional 624,638 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of DXP Enterprises by 12,369,100.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 371,076 shares of the industrial products company's stock valued at $40,785,000 after buying an additional 371,073 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of DXP Enterprises by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 335,991 shares of the industrial products company's stock worth $36,895,000 after buying an additional 9,767 shares during the period. 74.82% of the stock is owned by institutional investors.

DXP Enterprises Trading Up 0.9%

DXP Enterprises stock opened at $188.44 on Wednesday. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 33.18 and a beta of 0.98. DXP Enterprises, Inc. has a 1 year low of $84.04 and a 1 year high of $208.00. The firm's 50 day moving average price is $172.85 and its two-hundred day moving average price is $157.66. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.58 and a current ratio of 2.99.

DXP Enterprises (NASDAQ:DXPE - Get Free Report) last released its quarterly earnings data 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 business had revenue of $576.46 million during the quarter, compared to analyst estimates of $543.00 million.

Insider Buying and Selling

In other DXP Enterprises news, CMO Paz Maestas sold 10,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $164.37, for a total value of $1,643,700.00. Following the completion of the transaction, the chief marketing officer directly owned 590,262 shares in the company, valued at $97,021,364.94. This trade represents a 1.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 22.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DXPE shares. Freedom Capital lowered DXP Enterprises from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Wall Street Zen raised shares of DXP Enterprises from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings lowered shares of DXP Enterprises from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 20th. Zacks Research lowered shares of DXP Enterprises from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Finally, Stephens boosted their target price on DXP Enterprises from $160.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $187.00.

DXP Enterprises Profile

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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