State Street Corp Increases Stake in Dorman Products Inc. (DORM)
State Street Corp raised its position in shares of Dorman Products Inc. (NASDAQ:DORM) by 7.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 598,056 shares of the company’s stock after buying an additional 43,770 shares during the period. State Street Corp’s holdings in Dorman Products were worth $43,696,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Victory Capital Management Inc. increased its position in Dorman Products by 3.2% in the third quarter. Victory Capital Management Inc. now owns 1,793 shares of the company’s stock worth $115,000 after buying an additional 56 shares during the period. Quadrature Capital Ltd purchased a new position in Dorman Products during the third quarter worth $204,000. Advisor Group Inc. increased its position in Dorman Products by 4.6% in the third quarter. Advisor Group Inc. now owns 3,440 shares of the company’s stock worth $219,000 after buying an additional 150 shares during the period. Genesee Valley Trust Co. purchased a new position in Dorman Products during the third quarter worth $302,000. Finally, State of Wisconsin Investment Board purchased a new position in Dorman Products during the third quarter worth $319,000. 74.38% of the stock is currently owned by institutional investors.
Dorman Products Inc. (NASDAQ:DORM) opened at 79.81 on Tuesday. The firm has a market capitalization of $2.74 billion, a P/E ratio of 26.00 and a beta of 0.60. The company’s 50-day moving average price is $74.87 and its 200-day moving average price is $69.41. Dorman Products Inc. has a 1-year low of $51.12 and a 1-year high of $81.98.
Dorman Products (NASDAQ:DORM) last posted its earnings results on Wednesday, February 22nd. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $229.10 million for the quarter, compared to analysts’ expectations of $224.28 million. Dorman Products had a return on equity of 18.49% and a net margin of 11.87%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the business posted $0.67 earnings per share. Equities research analysts expect that Dorman Products Inc. will post $3.36 earnings per share for the current fiscal year.
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A number of research analysts recently weighed in on DORM shares. Zacks Investment Research raised Dorman Products from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Monday, December 26th. CL King downgraded Dorman Products from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 4th. FBR & Co downgraded Dorman Products from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $68.00 to $80.00 in a research note on Thursday, February 23rd. Finally, B. Riley reaffirmed a “neutral” rating and set a $70.00 price target on shares of Dorman Products in a research note on Wednesday, March 1st. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $74.25.
In other Dorman Products news, Director Edgar W. Levin sold 1,420 shares of the firm’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $80.59, for a total value of $114,437.80. Following the sale, the director now directly owns 55,767 shares in the company, valued at $4,494,262.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jeffery Darby sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $80.00, for a total value of $160,000.00. Following the completion of the sale, the senior vice president now owns 10,052 shares in the company, valued at $804,160. The disclosure for this sale can be found here. Insiders sold 23,420 shares of company stock worth $1,833,238 over the last quarter. 11.70% of the stock is currently owned by company insiders.
Dorman Products Company Profile
Dorman Products, Inc (Dorman) is a supplier of replacement parts and fasteners for passenger cars, light trucks, and heavy duty trucks in the automotive aftermarket. The Company distributes and markets approximately 150,000 various stock keeping units (SKU’s) of automotive replacement parts and fasteners.
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