Dorman Products (NASDAQ:DORM) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Dorman Products (NASDAQ:DORM) from a hold rating to a buy rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage currently has $108.00 price target on the auto parts company’s stock.

According to Zacks, “Dorman Products, Inc. is a leading supplier of Dealer Exclusive replacement parts to the Automotive, Medium and Heavy Duty Aftermarkets. Dorman products are marketed under the Dorman, OE Solutions, HELP!, AutoGrade, First Stop, Conduct-Tite, TECHoice, Dorman Hybrid Drive Batteries and Dorman HD Solutions brand names. “

Shares of NASDAQ DORM opened at $96.63 on Thursday. Dorman Products has a twelve month low of $82.85 and a twelve month high of $113.13. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 23.12 and a beta of 0.75. The business has a 50 day simple moving average of $97.23 and a 200-day simple moving average of $101.13.

Dorman Products (NASDAQ:DORM) last issued its quarterly earnings results on Sunday, July 25th. The auto parts company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.06. Dorman Products had a return on equity of 16.61% and a net margin of 11.21%. The business had revenue of $310.64 million during the quarter, compared to the consensus estimate of $286.42 million. Research analysts forecast that Dorman Products will post 4.62 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of DORM. Parametric Portfolio Associates LLC grew its stake in Dorman Products by 12.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 86,807 shares of the auto parts company’s stock worth $8,999,000 after buying an additional 9,913 shares during the last quarter. Accurate Wealth Management LLC bought a new position in Dorman Products during the 2nd quarter worth $819,000. Morgan Stanley grew its stake in Dorman Products by 16.7% during the 2nd quarter. Morgan Stanley now owns 112,851 shares of the auto parts company’s stock worth $11,699,000 after buying an additional 16,159 shares during the last quarter. Metropolitan Life Insurance Co NY grew its stake in Dorman Products by 107,814.3% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 7,554 shares of the auto parts company’s stock worth $783,000 after buying an additional 7,547 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Dorman Products by 13.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 910,077 shares of the auto parts company’s stock worth $94,348,000 after buying an additional 109,766 shares during the last quarter. Institutional investors and hedge funds own 76.00% of the company’s stock.

Dorman Products Company Profile

Dorman Products, Inc engages in the supply of automotive replacement parts, fasteners, and service line products for the automotive aftermarket. Its products comprise of power-train, automotive body, chassis, and hardware. The company was founded by Steven L. Berman and Richard N. Berman in October 1978 and is headquartered in Colmar, PA.

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