DXP Enterprises (NASDAQ:DXPE) Stock Price Up 6.5% - Here's Why

Key Points

• DXP Enterprises shares rose 6.5% to $166.34, although trading volume was 78% below the average session volume.
• Analyst sentiment improved, with Wall Street Zen upgrading the stock to “strong-buy” and Stephens raising its price target to $220. The consensus rating is “Moderate Buy,” with a $187 average target.
• The company exceeded quarterly expectations, reporting $1.76 in earnings per share versus the $1.59 consensus and revenue of $576.46 million versus estimates of $543 million.

Shares of DXP Enterprises, Inc. (NASDAQ:DXPE - Get Free Report) were up 6.5% during trading on Monday. The stock traded as high as $166.19 and last traded at $166.34. Approximately 33,615 shares changed hands during trading, a decline of 78% from the average session volume of 154,525 shares. The stock had previously closed at $156.26.

Analyst Upgrades and Downgrades

DXPE has been the topic of a number of analyst reports. Wall Street Zen raised shares of DXP Enterprises from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 17th. Stephens lifted their price objective on DXP Enterprises from $160.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of DXP Enterprises from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, September 29th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $187.00.

DXP Enterprises Trading Up 6.5%

The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 29.24 and a beta of 1.03. The company has a quick ratio of 2.58, a current ratio of 2.99 and a debt-to-equity ratio of 1.51. The company's 50 day simple moving average is $184.41 and its two-hundred day simple moving average is $170.24.

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, beating analysts' consensus estimates 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.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in DXP Enterprises in the second quarter valued at approximately $13,566,000. Globeflex Capital L P bought a new position in DXP Enterprises during the second quarter worth $6,507,000. Congress Asset Management Co. grew its stake in shares of DXP Enterprises by 21.7% in the third quarter. Congress Asset Management Co. now owns 64,015 shares of the industrial products company's stock valued at $11,600,000 after acquiring an additional 11,423 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of DXP Enterprises by 110.6% during the 3rd quarter. SummerHaven Investment Management LLC now owns 17,271 shares of the industrial products company's stock worth $3,130,000 after acquiring an additional 9,070 shares in the last quarter. Finally, Diversify Wealth Management LLC acquired a new stake in shares of DXP Enterprises during the 1st quarter valued at $1,226,000. 74.82% of the stock is currently owned by hedge funds and other institutional investors.

DXP Enterprises Company Profile

DXP Enterprises, Inc is an industrial distribution and services company headquartered in Houston, Texas. The company supplies maintenance, repair and operating products used by industrial, commercial and government customers, with an emphasis on rotating equipment, fluid handling and related industrial applications.

Its product offerings include pumps, valves, bearings, power-transmission components, hose and rubber products, industrial supplies, safety equipment and other maintenance products.

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