Trading Report: The Dorman Products Inc. (DORM) Rating Lowered to Hold at The Zacks Investment Research

The Dorman Products Inc. (DORM) Rating Lowered to Hold at The Zacks Investment Research

Dorman Products Inc. (NASDAQ:DORM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “R&B, Inc. is a leading supplier of OE Dealer Exclusive automotive replacement parts, automotive hardware, brake products, and household hardware to the Automotive Aftermarket and Mass Merchandise markets. Dorman automotive parts and hardware are marketed under the OE Solutions, HELP, AutoGrade, First Stop, Conduct-Tite, Pik-A-Nut and Scan-Tech brand names. “

A number of other brokerages have also recently issued reports on DORM. B. Riley reissued a “neutral” rating and set a $49.50 price objective on shares of Dorman Products in a report on Wednesday, July 27th. Jefferies Group lifted their price objective on Dorman Products from $55.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, July 27th. Finally, FBR & Co reissued a “buy” rating and set a $68.00 price objective on shares of Dorman Products in a report on Wednesday, October 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $64.50.

Dorman Products (NASDAQ:DORM) opened at 62.37 on Thursday. The stock’s 50 day moving average is $63.48 and its 200 day moving average is $58.63. Dorman Products has a 52-week low of $40.17 and a 52-week high of $67.30. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 21.90 and a beta of 0.76.

Dorman Products (NASDAQ:DORM) last issued its earnings results on Monday, October 24th. The company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.81 by $0.04. The firm earned $212.80 million during the quarter, compared to the consensus estimate of $225.94 million. Dorman Products had a return on equity of 18.49% and a net margin of 11.87%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the business earned $0.73 earnings per share. On average, analysts predict that Dorman Products will post $3.01 earnings per share for the current fiscal year.

In other news, Director Paul R. Lederer sold 500 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $62.55, for a total value of $31,275.00. Following the completion of the sale, the director now directly owns 34,549 shares in the company, valued at $2,161,039.95. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jeffery Darby sold 490 shares of the firm’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $64.00, for a total value of $31,360.00. Following the completion of the sale, the senior vice president now owns 11,990 shares of the company’s stock, valued at $767,360. The disclosure for this sale can be found here. 11.70% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Dorman Products by 20.0% in the second quarter. BlackRock Inc. now owns 2,168 shares of the company’s stock worth $124,000 after buying an additional 361 shares during the period. Advisor Group Inc. acquired a new stake in shares of Dorman Products during the second quarter worth $186,000. LaSalle Street Capital Management LLC acquired a new stake in shares of Dorman Products during the second quarter worth $203,000. PineBridge Investments L.P. raised its stake in shares of Dorman Products by 4.3% in the second quarter. PineBridge Investments L.P. now owns 3,819 shares of the company’s stock worth $218,000 after buying an additional 157 shares during the period. Finally, National Investment Services Inc. WI acquired a new stake in shares of Dorman Products during the second quarter worth $226,000. Institutional investors own 76.21% of the company’s stock.

About Dorman Products

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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