DXP Enterprises (NASDAQ:DXPE) Shares Gap Down Following Weak Earnings

Shares of DXP Enterprises, Inc. (NASDAQ:DXPE) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $158.38, but opened at $140.52. DXP Enterprises shares last traded at $140.3460, with a volume of 21,392 shares changing hands.

The industrial products company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.15). DXP Enterprises had a net margin of 4.35% and a return on equity of 18.51%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Weiss Ratings downgraded DXP Enterprises from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, October 26th. Wall Street Zen cut shares of DXP Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 31st. Finally, Stephens lifted their target price on shares of DXP Enterprises from $160.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Two 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.00.

Hedge Funds Weigh In On DXP Enterprises

Hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new stake in DXP Enterprises in the 2nd quarter valued at approximately $33,000. Nykredit A S purchased a new stake in shares of DXP Enterprises in the 2nd quarter valued at $36,000. USA Financial Formulas purchased a new stake in shares of DXP Enterprises in the 3rd quarter valued at $39,000. KBC Group NV purchased a new stake in shares of DXP Enterprises in the 1st quarter valued at $51,000. Finally, GK Wealth Management LLC acquired a new position in DXP Enterprises during the 3rd quarter worth about $52,000. Hedge funds and other institutional investors own 74.82% of the company’s stock.

DXP Enterprises Trading Down 7.3%

The company has a 50 day moving average of $181.14 and a 200-day moving average of $161.84. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 25.91 and a beta of 1.03. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.58 and a current ratio of 2.99.

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.