DXP Enterprises (DXPE) Upgraded to Strong-Buy at Zacks Investment Research

DXP Enterprises (NASDAQ:DXPE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $48.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 22.17% from the stock’s previous close.

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. “

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Several other research firms also recently commented on DXPE. Stephens set a $48.00 price target on shares of DXP Enterprises and gave the company a “buy” rating in a research report on Wednesday. BidaskClub upgraded shares of DXP Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 26th. Three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. DXP Enterprises has a consensus rating of “Buy” and a consensus price target of $48.33.

Shares of DXP Enterprises (NASDAQ:DXPE) opened at $39.29 on Friday. DXP Enterprises has a 12-month low of $24.86 and a 12-month high of $43.21. The company has a market cap of $721.41, a price-to-earnings ratio of 42.71 and a beta of 2.64. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.51 and a quick ratio of 1.79.

In related news, CEO David R. Little sold 13,500 shares of the company’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $29.50, for a total value of $398,250.00. Following the completion of the sale, the chief executive officer now owns 1,368,214 shares in the company, valued at approximately $40,362,313. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Todd Hamlin sold 2,500 shares of the company’s stock in a transaction on Friday, December 29th. The shares were sold at an average price of $29.68, for a total transaction of $74,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,000 shares of company stock valued at $944,900. 11.30% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in DXPE. State Street Corp raised its position in DXP Enterprises by 7.2% during the 2nd quarter. State Street Corp now owns 361,462 shares of the industrial products company’s stock worth $12,471,000 after buying an additional 24,399 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in DXP Enterprises by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,000 shares of the industrial products company’s stock worth $448,000 after buying an additional 654 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in DXP Enterprises by 46.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,346 shares of the industrial products company’s stock worth $263,000 after buying an additional 2,658 shares during the last quarter. Sei Investments Co. raised its position in DXP Enterprises by 228.7% during the 3rd quarter. Sei Investments Co. now owns 27,672 shares of the industrial products company’s stock worth $871,000 after buying an additional 19,254 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in DXP Enterprises by 8.3% during the 3rd quarter. New York State Common Retirement Fund now owns 145,380 shares of the industrial products company’s stock worth $4,578,000 after buying an additional 11,132 shares during the last quarter. Hedge funds and other institutional investors own 75.80% of the company’s stock.

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About DXP Enterprises

DXP Enterprises, Inc (DXP) is engaged in the business of distributing maintenance, repair and operating (MRO) products, equipment and service to industrial customers. The Company operates through three segments: Service Centers, Supply Chain Services and Innovative Pumping Solutions. The Service Centers segment provides MRO products, equipment and services, including technical expertise and logistics capabilities to industrial customers.

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