Zacks Investment Research Downgrades DXP Enterprises (NASDAQ:DXPE) to Strong Sell

DXP Enterprises (NASDAQ:DXPE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday, May 30th.

According to Zacks, “DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (MROP) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. “

Several other equities research analysts have also weighed in on the company. BidaskClub upgraded DXP Enterprises from a “hold” rating to a “buy” rating in a research note on Tuesday, March 27th. Stephens set a $48.00 price target on DXP Enterprises and gave the stock a “buy” rating in a research report on Wednesday, March 21st.

Shares of DXPE traded up $0.20 during midday trading on Wednesday, reaching $39.90. The stock had a trading volume of 109,400 shares, compared to its average volume of 115,629. The company has a market capitalization of $692.51 million, a PE ratio of 46.27 and a beta of 2.35. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.67 and a current ratio of 2.44. DXP Enterprises has a 52 week low of $24.86 and a 52 week high of $43.21.

DXP Enterprises (NASDAQ:DXPE) last issued its quarterly earnings results on Tuesday, May 8th. The industrial products company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. DXP Enterprises had a return on equity of 6.40% and a net margin of 1.74%. The business had revenue of $285.94 million for the quarter, compared to the consensus estimate of $276.00 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. DXP Enterprises’s revenue for the quarter was up 19.9% compared to the same quarter last year. equities research analysts forecast that DXP Enterprises will post 1.18 EPS for the current fiscal year.

In related news, insider Kent Nee Hung Yee sold 3,175 shares of DXP Enterprises stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $39.35, for a total transaction of $124,936.25. Following the completion of the transaction, the insider now owns 40,846 shares in the company, valued at $1,607,290.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christopher T. Gregory sold 674 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $39.51, for a total transaction of $26,629.74. Following the sale, the vice president now owns 146 shares of the company’s stock, valued at $5,768.46. The disclosure for this sale can be found here. Insiders have sold a total of 63,980 shares of company stock worth $2,573,254 in the last ninety days. 9.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of DXPE. SG Americas Securities LLC acquired a new stake in shares of DXP Enterprises in the first quarter valued at approximately $111,000. MetLife Investment Advisors LLC acquired a new position in DXP Enterprises during the fourth quarter valued at approximately $206,000. Element Capital Management LLC acquired a new position in DXP Enterprises during the first quarter valued at approximately $206,000. Pinnacle Financial Partners Inc. bought a new stake in shares of DXP Enterprises in the first quarter worth $215,000. Finally, Wedbush Securities Inc. acquired a new position in DXP Enterprises in the first quarter valued at $249,000. Hedge funds and other institutional investors own 77.00% of the company’s stock.

DXP Enterprises Company Profile

DXP Enterprises, Inc engages in distributing maintenance, repair, and operating (MRO) products, equipment, and services to energy and industrial customers in the United States. It operates through three segments: Service Centers, Supply Chain Services, and Innovative Pumping Solutions. The Service Centers segment offers MRO products, equipment, and integrated services, including technical expertise and logistics services.

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