Principal Financial Group Inc. Decreases Position in Dorman Products, Inc. (DORM)
Principal Financial Group Inc. cut its holdings in Dorman Products, Inc. (NASDAQ:DORM) by 0.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 243,994 shares of the auto parts company’s stock after selling 1,473 shares during the period. Principal Financial Group Inc. owned approximately 0.71% of Dorman Products worth $20,196,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in shares of Dorman Products by 161,230.6% in the first quarter. BlackRock Inc. now owns 3,499,260 shares of the auto parts company’s stock valued at $287,394,000 after acquiring an additional 3,497,091 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Dorman Products by 4.8% in the first quarter. Vanguard Group Inc. now owns 2,806,822 shares of the auto parts company’s stock valued at $230,525,000 after acquiring an additional 127,653 shares in the last quarter. Congress Asset Management Co. MA grew its stake in shares of Dorman Products by 7.9% in the second quarter. Congress Asset Management Co. MA now owns 1,009,387 shares of the auto parts company’s stock valued at $83,547,000 after acquiring an additional 73,884 shares in the last quarter. State Street Corp grew its stake in shares of Dorman Products by 8.7% in the first quarter. State Street Corp now owns 650,038 shares of the auto parts company’s stock valued at $53,388,000 after acquiring an additional 51,982 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Dorman Products by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 549,328 shares of the auto parts company’s stock valued at $45,468,000 after acquiring an additional 6,474 shares in the last quarter. Institutional investors and hedge funds own 75.61% of the company’s stock.
Shares of Dorman Products, Inc. (NASDAQ:DORM) opened at 69.15 on Thursday. The firm’s 50-day moving average is $70.49 and its 200-day moving average is $77.97. Dorman Products, Inc. has a 52 week low of $60.00 and a 52 week high of $88.50. The firm has a market capitalization of $2.35 billion, a P/E ratio of 21.02 and a beta of 0.64.
Dorman Products (NASDAQ:DORM) last announced its quarterly earnings data on Tuesday, August 1st. The auto parts company reported $0.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.01). Dorman Products had a net margin of 12.66% and a return on equity of 18.64%. The firm had revenue of $229.26 million during the quarter, compared to the consensus estimate of $225.91 million. During the same quarter in the prior year, the firm posted $0.75 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. Equities analysts anticipate that Dorman Products, Inc. will post $3.45 EPS for the current year.
Several research firms recently commented on DORM. BidaskClub upgraded shares of Dorman Products from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. FBR & Co reiterated a “mkt perform” rating and set a $74.50 price objective on shares of Dorman Products in a research note on Tuesday, July 18th. Finally, Zacks Investment Research upgraded shares of Dorman Products from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research note on Monday, June 26th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $81.25.
In related news, Director Paul R. Lederer sold 1,800 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $74.82, for a total value of $134,676.00. Following the sale, the director now directly owns 16,961 shares in the company, valued at approximately $1,269,022.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.70% of the company’s stock.
About Dorman Products
Dorman Products, Inc is a supplier of replacement parts and fasteners for passenger cars, light trucks and heavy duty trucks in the automotive aftermarket. As of December 31, 2016, the Company distributed and marketed approximately 155,000 different stock keeping units (SKU’s) of automotive replacement parts and fasteners.
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