TPI Composites (NASDAQ:TPIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “TPI Composites, Inc. is the manufacturer of composite wind blades for the wind energy market. It operates primarily in the U.S., Mexico, China and Turkey. TPI Composites, Inc. is headquartered in Scottsdale, Arizona. “
Several other research analysts have also recently weighed in on TPIC. Canaccord Genuity reiterated a “buy” rating and set a $26.00 price objective on shares of TPI Composites in a research report on Tuesday. BidaskClub upgraded TPI Composites from a “sell” rating to a “hold” rating in a research report on Friday, February 16th. ValuEngine cut TPI Composites from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Craig Hallum started coverage on TPI Composites in a research report on Tuesday, January 16th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, JPMorgan Chase & Co. upgraded TPI Composites from a “neutral” rating to an “overweight” rating and set a $27.00 price target on the stock in a research report on Thursday, November 30th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. TPI Composites has a consensus rating of “Buy” and an average price target of $27.38.
TPI Composites (NASDAQ:TPIC) last posted its quarterly earnings data on Thursday, March 8th. The industrial products company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.03). The firm had revenue of $247.10 million for the quarter, compared to the consensus estimate of $249.00 million. TPI Composites had a return on equity of 33.35% and a net margin of 4.70%. The firm’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.07) EPS. sell-side analysts forecast that TPI Composites will post 0.45 earnings per share for the current fiscal year.
In related news, Director Daniel G. Weiss sold 51,000 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $19.14, for a total value of $976,140.00. Following the transaction, the director now owns 2,880 shares in the company, valued at $55,123.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Investors L. P. Angeleno II sold 32,388 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $18.79, for a total value of $608,570.52. The disclosure for this sale can be found here. 73.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of TPIC. Alliancebernstein L.P. bought a new position in shares of TPI Composites in the second quarter worth $233,000. Teachers Advisors LLC grew its position in TPI Composites by 22.0% in the second quarter. Teachers Advisors LLC now owns 21,192 shares of the industrial products company’s stock valued at $392,000 after acquiring an additional 3,823 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in TPI Composites by 210.3% in the second quarter. TIAA CREF Investment Management LLC now owns 46,324 shares of the industrial products company’s stock valued at $856,000 after acquiring an additional 31,397 shares during the last quarter. Nationwide Fund Advisors grew its position in TPI Composites by 85.8% in the second quarter. Nationwide Fund Advisors now owns 6,038 shares of the industrial products company’s stock valued at $112,000 after acquiring an additional 2,788 shares during the last quarter. Finally, Northern Trust Corp grew its position in TPI Composites by 121.7% in the second quarter. Northern Trust Corp now owns 128,195 shares of the industrial products company’s stock valued at $2,369,000 after acquiring an additional 70,370 shares during the last quarter. Institutional investors own 37.94% of the company’s stock.
TPI Composites Company Profile
TPI Composites, Inc manufactures composite wind blades. The Company operates through four segments. The United States segment includes the manufacturing of wind blades at its Newton, Iowa plant; the manufacturing of precision molding and assembly systems used for the manufacture of wind blades in its Warren, Rhode Island facility, and the manufacturing of composite solutions for the transportation industry, which it also conducts in its Rhode Island and Massachusetts facilities.
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