Dorman Products Now Covered by Bank of America Corp. (DORM)

Research analysts at Bank of America Corp. assumed coverage on shares of Dorman Products (NASDAQ:DORM) in a report released on Tuesday, Stock Ratings reports. The firm set a “buy” rating on the stock.

The analysts wrote, “We initiate coverage of Dorman Products (DORM) at Buy, $60 PO, based on a 2014e P/E multiple of about 22X, P/E/G of 1X, and implied EV/EBITDA of roughly 12X. DORM designs, engineers, and supplies replacement components to the US auto aftermarket, with some exposure to medium/heavy trucks & home hardware.”

Dorman Products (NASDAQ:DORM) opened at 49.18 on Tuesday. Dorman Products has a 1-year low of $28.05 and a 1-year high of $49.31. The stock’s 50-day moving average is currently $46.91. The company has a market cap of $1.788 billion and a price-to-earnings ratio of 24.25.

Dorman Products (NASDAQ:DORM) last announced its earnings results on Tuesday, July 30th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by $0.01. The company had revenue of $162.30 million for the quarter, compared to the consensus estimate of $161.47 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. Analysts expect that Dorman Products will post $2.21 EPS for the current fiscal year.

Separately, analysts at Thomson Reuters/Verus upgraded shares of Dorman Products from a “hold” rating to a “buy” rating in a research note to investors on Monday, July 15th.

In other Dorman Products news, CEO Steven Berman sold 13,994 shares of the company’s stock on the open market in a transaction that occured on Monday, August 5th. The stock was sold at an average price of $48.74, for a total value of $682,067.56. Following the transaction, the chief executive officer now directly owns 1,118,699 shares in the company. The transaction was disclosed in a filing with the SEC, which is available at this link.

Dorman Products, Inc (NASDAQ:DORM) is a supplier of automotive and heavy duty truck replacement parts and service line products primarily for the automotive aftermarket.

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