Dorman Products (NASDAQ:DORM) Stock Price Breaks Above 50 Day Moving Average – Here’s What Happened

Dorman Products, Inc. (NASDAQ:DORM) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $125.55 and traded as high as $130.13. Dorman Products shares last traded at $129.74, with a volume of 370,846 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on DORM. Freedom Capital lowered Dorman Products from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings cut Dorman Products from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Wednesday. Freedom Broker upgraded Dorman Products from a “hold” rating to a “buy” rating and lowered their price target for the company from $154.00 to $152.00 in a report on Wednesday. Roth Capital reissued a “buy” rating on shares of Dorman Products in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company reduced their price objective on shares of Dorman Products from $160.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, October 23rd. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Dorman Products currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.40.

Dorman Products Stock Up 1.8%

The company has a debt-to-equity ratio of 0.28, a current ratio of 3.65 and a quick ratio of 1.73. The business has a 50 day moving average price of $125.64 and a 200 day moving average price of $123.55. The firm has a market capitalization of $4.01 billion, a P/E ratio of 20.24 and a beta of 1.02.

Dorman Products (NASDAQ:DORM) last announced its earnings results on Monday, October 26th. The auto parts company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.08. The firm had revenue of $561.72 million during the quarter, compared to the consensus estimate of $565.33 million. Dorman Products had a return on equity of 17.87% and a net margin of 9.30%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.62 EPS. On average, analysts predict that Dorman Products, Inc. will post 8.61 earnings per share for the current year.

Insider Buying and Selling at Dorman Products

In other news, CAO Gregory Bowen sold 3,531 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $145.01, for a total value of $512,030.31. Following the sale, the chief accounting officer owned 5,340 shares in the company, valued at approximately $774,353.40. This trade represents a 39.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Dorman Products

Several large investors have recently bought and sold shares of DORM. Allworth Financial LP acquired a new position in shares of Dorman Products during the second quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in Dorman Products in the 2nd quarter valued at approximately $26,000. Public Employees Retirement System of Ohio acquired a new position in Dorman Products in the 2nd quarter valued at approximately $47,000. Versant Capital Management Inc lifted its position in shares of Dorman Products by 301.5% in the 3rd quarter. Versant Capital Management Inc now owns 542 shares of the auto parts company’s stock worth $66,000 after acquiring an additional 407 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Dorman Products by 32.9% in the 3rd quarter. GAMMA Investing LLC now owns 857 shares of the auto parts company’s stock worth $105,000 after acquiring an additional 212 shares during the period. 84.70% of the stock is currently owned by institutional investors and hedge funds.

About Dorman Products

Dorman Products, Inc develops, manufactures and distributes replacement and upgrade parts for automobiles, light-, medium- and heavy-duty trucks, and other vehicles. Its products are sold primarily through the automotive aftermarket, serving professional repair shops, retailers, distributors, e-commerce channels and do-it-yourself consumers.

The company offers a broad range of products, including engine, transmission, cooling, electrical, steering, suspension, braking, chassis and body components.