DXP Enterprises (NASDAQ:DXPE) Stock Rating Raised to Buy at Freedom Broker

DXP Enterprises (NASDAQ:DXPE) was upgraded by Freedom Broker from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, FinViz reports. The firm presently has a $175.00 price objective on the industrial products company’s stock, down from their previous price objective of $180.00. Freedom Broker‘s target price indicates a potential upside of 12.00% from the company’s current price.

Several other brokerages have also recently commented on DXPE. Wall Street Zen cut DXP Enterprises from a “buy” rating to a “hold” rating in a research report on Sunday. Stephens boosted their price target 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, Weiss Ratings cut DXP Enterprises from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, October 26th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, DXP Enterprises has an average rating of “Moderate Buy” and an average target price of $183.00.

DXP Enterprises Stock Up 11.1%

NASDAQ:DXPE traded up $15.57 on Monday, hitting $156.25. 95,322 shares of the company’s stock were exchanged, compared to its average volume of 155,471. The firm has a 50-day moving average price of $178.94 and a 200-day moving average price of $161.97. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.96 and a quick ratio of 2.56. DXP Enterprises has a 52 week low of $84.04 and a 52 week high of $208.00. The company has a market cap of $2.42 billion, a P/E ratio of 25.95 and a beta of 1.03.

DXP Enterprises (NASDAQ:DXPE) last posted its quarterly earnings data on Thursday, November 5th. The industrial products company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.15). The business had revenue of $587.18 million for the quarter, compared to analyst estimates of $584.50 million. DXP Enterprises had a return on equity of 18.67% and a net margin of 4.45%.

Institutional Investors Weigh In On DXP Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of DXPE. Hantz Financial Services Inc. increased its position in DXP Enterprises by 32.5% during the third quarter. Hantz Financial Services Inc. now owns 363 shares of the industrial products company’s stock worth $66,000 after buying an additional 89 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of DXP Enterprises by 21.5% in the third quarter. Russell Investments Group Ltd. now owns 5,579 shares of the industrial products company’s stock valued at $1,011,000 after buying an additional 989 shares during the last quarter. Maryland State Retirement & Pension System lifted its position in shares of DXP Enterprises by 57.1% in the third quarter. Maryland State Retirement & Pension System now owns 2,874 shares of the industrial products company’s stock valued at $521,000 after buying an additional 1,045 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of DXP Enterprises by 6.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 6,489 shares of the industrial products company’s stock worth $1,176,000 after acquiring an additional 412 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of DXP Enterprises by 4.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,720 shares of the industrial products company’s stock worth $1,407,000 after acquiring an additional 312 shares during the period. 74.82% of the stock is owned by institutional investors.

About DXP Enterprises

DXP Enterprises, Inc is a distributor of industrial products and provider of related services. It supplies maintenance, repair and operating products, including bearings, power-transmission components, safety equipment and other industrial supplies to customers in a range of industries.

The company also provides pump and rotating-equipment services, such as pump repair and packaged pumping systems, as well as supply-chain services that support customers’ procurement and inventory-management needs.