DXP Enterprises (NASDAQ:DXPE) Shares Down 4.2% – Here’s Why

DXP Enterprises, Inc. (NASDAQ:DXPE)’s share price traded down 4.2% during trading on Tuesday. The company traded as low as $171.09 and last traded at $171.4650. 110,857 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 153,969 shares. The stock had previously closed at $178.99.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Weiss Ratings upgraded DXP Enterprises from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 29th. Stephens lifted their price target on DXP Enterprises from $160.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded DXP Enterprises from a “buy” rating to a “strong-buy” rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $187.00.

DXP Enterprises Stock Down 4.7%

The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.58 and a current ratio of 2.99. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 30.04 and a beta of 1.03. The firm’s 50-day simple moving average is $186.86 and its 200-day simple moving average is $169.61.

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

Institutional Investors Weigh In On DXP Enterprises

A number of institutional investors have recently added to or reduced their stakes in DXPE. Bank of New York Mellon Corp acquired a new position in DXP Enterprises in the 2nd quarter valued at approximately $13,566,000. Congress Asset Management Co. lifted its position in shares of DXP Enterprises by 21.7% in the 3rd quarter. Congress Asset Management Co. now owns 64,015 shares of the industrial products company’s stock worth $11,600,000 after acquiring an additional 11,423 shares during the period. First Trust Advisors LP lifted its position in shares of DXP Enterprises by 1.1% in the 1st quarter. First Trust Advisors LP now owns 68,634 shares of the industrial products company’s stock worth $9,590,000 after acquiring an additional 756 shares during the period. Globeflex Capital L P acquired a new stake in shares of DXP Enterprises during the 2nd quarter worth approximately $6,507,000. Finally, SummerHaven Investment Management LLC grew its holdings 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 purchasing an additional 9,070 shares in the last quarter. 74.82% of the stock is owned by institutional investors and hedge funds.

About DXP Enterprises

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.