DXP Enterprises (NASDAQ:DXPE) Trading Down 9.5% – Here’s Why

DXP Enterprises, Inc. (NASDAQ:DXPE) dropped 9.5% on Thursday . The stock traded as low as $94.41 and last traded at $93.17. Approximately 69,039 shares were traded during trading, a decline of 75% from the average daily volume of 279,410 shares. The stock had previously closed at $102.91.

Analysts Set New Price Targets

DXPE has been the topic of several research analyst reports. StockNews.com cut shares of DXP Enterprises from a “buy” rating to a “hold” rating in a research report on Friday, December 20th. Stephens lifted their price objective on shares of DXP Enterprises from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th.

DXP Enterprises Stock Down 5.3 %

The business’s 50 day simple moving average is $93.13 and its 200-day simple moving average is $69.80. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 23.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.78 and a current ratio of 2.22.

Insider Buying and Selling

In related news, insider Christopher T. Gregory sold 1,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $73.10, for a total value of $73,100.00. Following the completion of the sale, the insider now directly owns 29,606 shares in the company, valued at approximately $2,164,198.60. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 22.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DXP Enterprises

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP bought a new stake in DXP Enterprises during the fourth quarter valued at about $67,901,000. FMR LLC boosted its holdings in DXP Enterprises by 21.8% during the third quarter. FMR LLC now owns 776,950 shares of the industrial products company’s stock valued at $41,458,000 after acquiring an additional 139,027 shares during the period. Pacer Advisors Inc. boosted its holdings in DXP Enterprises by 4.1% during the third quarter. Pacer Advisors Inc. now owns 744,587 shares of the industrial products company’s stock valued at $39,731,000 after acquiring an additional 29,131 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in DXP Enterprises by 5.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 720,320 shares of the industrial products company’s stock valued at $59,513,000 after acquiring an additional 38,900 shares during the period. Finally, Northern Trust Corp boosted its holdings in DXP Enterprises by 10.2% during the fourth quarter. Northern Trust Corp now owns 228,940 shares of the industrial products company’s stock valued at $18,915,000 after acquiring an additional 21,220 shares during the period. 74.82% of the stock is currently owned by institutional investors.

DXP Enterprises Company Profile

DXP Enterprises, Inc, together with its subsidiaries, engages in distributing maintenance, repair, and operating (MRO) products, equipment, and services in the United States and Canada. It operates through three segments: Service Centers (SC), Supply Chain Services (SCS), and Innovative Pumping Solutions (IPS).