DXP Enterprises (NASDAQ:DXPE) was downgraded by analysts at Ascendiant Capital Markets from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports.
The analysts wrote, “Strong price movement prompts rating change to Neutral from Buy. The shares of DXP Enterprises have increased about 15% following the release of better than expected 3Q13 results on October 30, 2013. Given the strong price movement and the shares trading at our target multiple of 20.0x our 2014 EPS estimate of $4.76, we believe the shares are fairly valued and reflect current expectations.”
Shares of DXP Enterprises (NASDAQ:DXPE) traded down 3.44% during mid-day trading on Friday, hitting $92.31. The stock had a trading volume of 19,617 shares. DXP Enterprises has a 1-year low of $44.77 and a 1-year high of $97.93. The stock has a 50-day moving average of $87.9 and a 200-day moving average of $72.7. The company has a market cap of $1.313 billion and a price-to-earnings ratio of 25.41.
DXP Enterprises (NASDAQ:DXPE) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.05. The company had revenue of $329.70 million for the quarter, compared to the consensus estimate of $322.11 million. During the same quarter in the prior year, the company posted $0.86 earnings per share. The company’s quarterly revenue was up 13.7% on a year-over-year basis. Analysts expect that DXP Enterprises will post $3.90 EPS for the current fiscal year.
DXP Enterprises, Inc (NASDAQ:DXPE) is engaged in the business of distributing maintenance, repair and operating (MRO) products, equipment and service to industrial customers.
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