DXP Enterprises (NASDAQ:DXPE) Shares Gap Up – What’s Next?

DXP Enterprises, Inc. (NASDAQ:DXPE) gapped up prior to trading on Wednesday. The stock had previously closed at $164.43, but opened at $170.68. DXP Enterprises shares last traded at $169.9470, with a volume of 4,120 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings lowered DXP Enterprises from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Stephens boosted their price objective on shares of DXP Enterprises from $160.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Wall Street Zen raised shares of DXP Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $187.00.

DXP Enterprises Price Performance

The firm has a market cap of $2.58 billion, a P/E ratio of 29.28 and a beta of 1.03. The firm’s 50 day moving average is $183.37 and its 200 day moving average is $160.13.

DXP Enterprises (NASDAQ:DXPE) last released its earnings results on Wednesday, August 5th. The industrial products company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.59 by $0.17. The company had revenue of $576.46 million during the quarter, compared to analysts’ expectations of $543.00 million.

Hedge Funds Weigh In On DXP Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new position in DXP Enterprises in the 2nd quarter worth about $33,000. Nykredit A S acquired a new stake in shares of DXP Enterprises in the second quarter valued at approximately $36,000. USA Financial Formulas acquired a new position in DXP Enterprises during the third quarter worth $39,000. GK Wealth Management LLC purchased a new position in DXP Enterprises in the 3rd quarter valued at approximately $52,000. Finally, Nisa Investment Advisors LLC lifted its holdings in DXP Enterprises by 99.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 351 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 175 shares in the last quarter. Institutional investors and hedge funds own 74.82% of the company’s stock.

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.