Dorman Products, Inc. (NASDAQ: DORM – Get Rating) was the target of a significant increase in short-term interest in December. As of December 15, there was short interest totaling 433,300 shares, an increase of 14.4% from the total of 378,800 shares as of November 30. Currently, 1.7% of the company’s shares are sold short. Based on an average trading volume of 115,600 shares, the short interest ratio is currently 3.7 days.
Dorman Product Price Performance
DORM was down $1.23 during Monday’s trading, hitting $80.87. 2,286 shares of the stock have been traded, compared to its average volume of 112,461. The company has a market capitalization of $2.54 billion, a P/E ratio of 18.59 and a beta of 0, 60. Dorman Products has a 12-month low of $73.32 and a 12-month high of $119.04. The company has a 50-day moving average of $83.94 and a 200-day moving average of $92.65.
Dorman Products (NASDAQ:DORM – Get Rating) last reported results on Monday, October 24. The auto parts company reported earnings per share (EPS) of $1.17 for the quarter, missing the consensus estimate of $1.21 per ($0.04). The company posted revenue of $413.50 million in the quarter, versus a consensus estimate of $398.47 million. Dorman Products had a return on equity of 16.43% and a net margin of 8.45%. The company’s revenue for the quarter increased by 18.7% compared to the same quarter last year. In the same period a year earlier, the company had earned earnings per share of $1.18. As a group, stock analysts predict Dorman Products will post 4.79 EPS for the current fiscal year.
Wall Street analysts predict growth
DORM has been the subject of several recent analyst reports. Barrington Research cut its price target on Dorman Products shares from $120.00 to $104.00 and set an “outperform” rating for the company in a Tuesday, Oct. 25 research note. MKM Partners lowered its price target on shares of Dorman Products from $123.00 to $118.00 and set a “buy” rating for the company in a Tuesday, October 25 report. StockNews.com downgraded shares of Dorman Products from a “buy” rating to a “hold” rating in a Wednesday, Nov. 2, report. Finally, Stephens lowered his price target on Dorman Products shares from $94.00 to $87.00 and set an “equal weight” rating for the company in a Tuesday, Oct. 25 research note.
Insiders place their bets
Separately, SVP Eric Luftig purchased 500 shares of the company in a transaction dated Wednesday, October 26. The stock was purchased at an average price of $74.90 per share, for a total transaction of $37,450.00. Following the purchase, the senior vice president now directly owns 2,662 shares of the company, valued at approximately $199,383.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, Director John J. Gavin sold 3,177 shares of Dorman Products in a trade dated Thursday, November 10. The shares were sold at an average price of $84.69, for a total value of $269,060.13. Following completion of the transaction, the administrator now owns 8,051 shares of the company, valued at $681,839.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, SVP Eric Luftig purchased 500 shares of the company in a transaction that took place on Wednesday, October 26. The shares were acquired at an average price of $74.90 per share, for a total transaction of $37,450.00. Following the completion of the purchase, the senior vice president now directly owns 2,662 shares of the company, valued at approximately $199,383.80. Disclosure of this purchase can be found here. Insiders hold 10.30% of the shares of the company.
Hedge funds weigh on Dorman products
Several hedge funds and other institutional investors have recently changed their stock holdings. MQS Management LLC bought a new position in shares of Dorman Products in Q3 valued at approximately $303,000. Bank of New York Mellon Corp increased its stake in shares of Dorman Products by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 276,965 shares of the auto parts company worth $22,744,000 after buying 847 more shares last quarter. The Kentucky State Teachers’ Retirement System purchased a new stake in Dorman Products stock during the third quarter, valued at approximately $719,000. Glenmede Trust Co. NA increased its stake in Dorman Products by 32.8% in the third quarter. Glenmede Trust Co. NA now owns 2,861 shares of the auto parts company worth $234,000 after acquiring 706 additional shares in the last quarter. Finally, Alpha Paradigm Partners LLC bought a new position in Dorman Products in Q3 worth approximately $204,000. Hedge funds and other institutional investors own 75.21% of the company’s shares.
About Dorman Products
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Dorman Products, Inc provides replacement parts and fasteners for passenger cars, light trucks, and medium and heavy trucks to the automotive aftermarket industry worldwide. It offers original equipment dealer products, such as intake and exhaust manifolds, window regulators, radiator fans, tire pressure monitoring sensors, tire recirculation coolers exhaust gases and complex electronic modules; fluid reservoirs, variable valve timing components, complex electronics and integrated door lock actuators; and oil drain plugs, wheel bolts and wheel nuts.
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