DXP Enterprises (NASDAQ:DXPE) Shares Gap Up – Time to Buy?

DXP Enterprises, Inc. (NASDAQ:DXPE) shares gapped up prior to trading on Wednesday. The stock had previously closed at $164.43, but opened at $170.68. DXP Enterprises shares last traded at $169.9470, with a volume of 4,120 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DXPE. Weiss Ratings cut DXP Enterprises from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Stephens upped their price objective 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 raised DXP Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $187.00.

DXP Enterprises Stock Performance

The stock’s 50-day moving average is $182.47 and its 200-day moving average is $160.73. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 29.16 and a beta of 1.03. The company has a current ratio of 2.99, a quick ratio of 2.58 and a debt-to-equity ratio of 1.51.

DXP Enterprises (NASDAQ:DXPE) last issued its earnings results 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. The firm had revenue of $576.46 million for the quarter, compared to analyst estimates 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

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new position in DXP Enterprises in the 2nd quarter valued at approximately $13,566,000. First Trust Advisors LP grew its holdings in DXP Enterprises by 1.1% during 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 last quarter. Congress Asset Management Co. grew its holdings in DXP Enterprises by 21.7% during 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 last quarter. Globeflex Capital L P acquired a new position in DXP Enterprises in the 2nd quarter valued at approximately $6,507,000. Finally, SummerHaven Investment Management LLC raised its stake in shares of DXP Enterprises by 110.6% during the third quarter. SummerHaven Investment Management LLC now owns 17,271 shares of the industrial products company’s stock valued at $3,130,000 after acquiring an additional 9,070 shares during the last quarter. Institutional investors and hedge funds own 74.82% of the company’s stock.

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.