DXP Enterprises (NASDAQ:DXPE) Posts Earnings Results, Misses Expectations By $0.11 EPS

DXP Enterprises (NASDAQ:DXPE) released its quarterly earnings results on Thursday. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.11), Zacks reports. The company had revenue of $513.72 million during the quarter, compared to analysts’ expectations of $499.00 million. DXP Enterprises had a net margin of 4.52% and a return on equity of 20.94%.

DXP Enterprises Stock Down 17.7%

DXPE traded down $21.64 during trading hours on Thursday, hitting $100.37. 416,433 shares of the company’s stock were exchanged, compared to its average volume of 179,554. DXP Enterprises has a 12-month low of $66.17 and a 12-month high of $130.97. The firm has a 50 day moving average of $119.84 and a 200 day moving average of $103.58. The firm has a market cap of $1.58 billion, a P/E ratio of 19.15 and a beta of 1.15. The company has a current ratio of 2.79, a quick ratio of 2.33 and a debt-to-equity ratio of 1.33.

Analyst Upgrades and Downgrades

DXPE has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of DXP Enterprises in a research note on Wednesday, October 8th. Singular Research raised shares of DXP Enterprises to a “moderate buy” rating in a research note on Tuesday, September 9th. Finally, Wall Street Zen downgraded shares of DXP Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, DXP Enterprises presently has an average rating of “Buy” and an average price target of $95.00.

Insider Activity

In related news, CMO Paz Maestas sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.11, for a total transaction of $600,550.00. Following the sale, the chief marketing officer directly owned 600,737 shares of the company’s stock, valued at $72,154,521.07. This represents a 0.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher T. Gregory sold 4,477 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $119.76, for a total transaction of $536,165.52. Following the transaction, the insider owned 19,959 shares of the company’s stock, valued at $2,390,289.84. This trade represents a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 41,316 shares of company stock worth $4,960,704 over the last 90 days. Company insiders own 22.40% of the company’s stock.

Institutional Investors Weigh In On DXP Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of DXP Enterprises by 3,507.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 469 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 456 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of DXP Enterprises by 498.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,802 shares of the industrial products company’s stock valued at $158,000 after purchasing an additional 1,501 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in DXP Enterprises by 19.3% during the second quarter. Russell Investments Group Ltd. now owns 4,699 shares of the industrial products company’s stock worth $412,000 after purchasing an additional 761 shares during the last quarter. Royal Bank of Canada lifted its stake in DXP Enterprises by 29.4% during the first quarter. Royal Bank of Canada now owns 5,071 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 1,153 shares during the last quarter. Finally, AXA S.A. purchased a new stake in DXP Enterprises during the second quarter worth approximately $425,000. 74.82% of the stock is currently owned by institutional investors and hedge funds.

About DXP Enterprises

DXP Enterprises, Inc, together with its subsidiaries, engages in distributing maintenance, repair, and operating (MRO) products, equipment, and services in the United States and Canada. It operates through three segments: Service Centers (SC), Supply Chain Services (SCS), and Innovative Pumping Solutions (IPS).