Renaissance Technologies LLC Lowers Holdings in DXP Enterprises, Inc. $DXPE

Key Points

• Renaissance Technologies reduced its DXP Enterprises stake by 11.9% in the first quarter, selling 6,100 shares and retaining 45,109 shares valued at about $6.3 million. Institutional investors collectively own 74.82% of the company.
• DXP insiders also sold shares, including the chief marketing officer’s $1.64 million sale and a director’s $969,000 sale. Meanwhile, several analysts downgraded the stock to “Hold,” though the consensus rating remains “Moderate Buy” with a $154 price target.
• DXPE opened at $170.98 and remains near its 12-month high of $183.91, but its latest quarterly results missed expectations: EPS was $1.26 versus $1.38 expected, while revenue came in at $521.66 million versus $531 million projected.

Renaissance Technologies LLC decreased its stake in shares of DXP Enterprises, Inc. (NASDAQ:DXPE - Free Report) by 11.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,109 shares of the industrial products company's stock after selling 6,100 shares during the quarter. Renaissance Technologies LLC owned about 0.29% of DXP Enterprises worth $6,303,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of DXPE. Cetera Investment Advisers purchased a new position in shares of DXP Enterprises in the first quarter valued at $335,000. First Trust Advisors LP lifted its position in DXP Enterprises by 1.1% during the first quarter. First Trust Advisors LP now owns 68,634 shares of the industrial products company's stock valued at $9,590,000 after purchasing an additional 756 shares during the last quarter. KBC Group NV bought a new position in DXP Enterprises during the first quarter valued at $51,000. Hanseatic Management Services Inc. purchased a new position in shares of DXP Enterprises in the 1st quarter worth $297,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of DXP Enterprises by 11.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,219 shares of the industrial products company's stock worth $1,428,000 after buying an additional 1,049 shares during the last quarter. 74.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DXP Enterprises

In other DXP Enterprises news, CMO Paz Maestas sold 10,000 shares of the business'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 transaction of $1,643,700.00. Following the completion of the transaction, the chief marketing officer owned 590,262 shares in the company, valued at $97,021,364.94. The trade was a 1.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy P. Halter sold 6,842 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $141.59, for a total value of $968,758.78. Following the completion of the sale, the director owned 30,000 shares in the company, valued at approximately $4,247,700. The trade was a 18.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 22.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of DXP Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Freedom Capital lowered DXP Enterprises from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Zacks Research downgraded DXP Enterprises from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Finally, Weiss Ratings lowered DXP Enterprises from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $154.00.

DXP Enterprises Price Performance

DXP Enterprises stock opened at $170.98 on Wednesday. The firm has a 50-day moving average price of $162.68 and a 200-day moving average price of $151.02. The firm has a market capitalization of $2.65 billion, a PE ratio of 31.96 and a beta of 0.98. The company has a current ratio of 2.98, a quick ratio of 2.56 and a debt-to-equity ratio of 1.60. DXP Enterprises, Inc. has a 12-month low of $84.04 and a 12-month high of $183.91.

DXP Enterprises (NASDAQ:DXPE - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The industrial products company reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.12). DXP Enterprises had a return on equity of 18.16% and a net margin of 4.27%.The firm had revenue of $521.66 million for the quarter, compared to analysts' expectations of $531.00 million. As a group, equities research analysts forecast that DXP Enterprises, Inc. will post 6.2 EPS for the current year.

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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