Spark Investment Management LLC Has $1.19 Million Stake in TPI Composites Inc (TPIC)
Spark Investment Management LLC raised its position in TPI Composites Inc (NASDAQ:TPIC) by 27.9% during the second quarter, Holdings Channel reports. The fund owned 64,200 shares of the industrial products company’s stock after buying an additional 14,000 shares during the period. Spark Investment Management LLC’s holdings in TPI Composites were worth $1,186,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN raised its stake in shares of TPI Composites by 260.5% in the first quarter. Wells Fargo & Company MN now owns 7,750 shares of the industrial products company’s stock worth $147,000 after buying an additional 5,600 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of TPI Composites during the first quarter worth about $198,000. JPMorgan Chase & Co. acquired a new stake in shares of TPI Composites during the first quarter worth about $205,000. Oxford Asset Management acquired a new stake in shares of TPI Composites during the first quarter worth about $210,000. Finally, TFS Capital LLC acquired a new stake in shares of TPI Composites during the first quarter worth about $239,000. 25.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of TPI Composites Inc (NASDAQ TPIC) opened at 21.40 on Thursday. The stock’s 50 day moving average price is $18.78 and its 200-day moving average price is $18.22. TPI Composites Inc has a 12 month low of $13.27 and a 12 month high of $23.30. The stock has a market capitalization of $701.90 million and a price-to-earnings ratio of 42.80.
TPI Composites (NASDAQ:TPIC) last announced its quarterly earnings data on Monday, May 8th. The industrial products company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.01. The company had revenue of $191.60 million for the quarter, compared to analyst estimates of $213.26 million. TPI Composites had a net margin of 1.85% and a return on equity of 13.01%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) EPS. Equities analysts forecast that TPI Composites Inc will post $0.63 earnings per share for the current fiscal year.
A number of analysts have recently issued reports on the company. Roth Capital lifted their target price on TPI Composites from $23.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research lowered TPI Composites from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Barclays PLC set a $23.00 target price on TPI Composites and gave the stock a “buy” rating in a research report on Monday, May 8th. Finally, Cowen and Company set a $26.00 target price on TPI Composites and gave the stock a “buy” rating in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. TPI Composites has a consensus rating of “Buy” and a consensus target price of $23.43.
In other news, Director Paul G. Giovacchini sold 1,245,348 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $16.35, for a total transaction of $20,361,439.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jack A. Henry acquired 4,400 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were bought at an average cost of $16.82 per share, with a total value of $74,008.00. Following the transaction, the director now directly owns 4,400 shares of the company’s stock, valued at approximately $74,008. The disclosure for this purchase can be found here. Insiders have sold 2,513,253 shares of company stock valued at $41,091,687 in the last ninety days. 73.70% of the stock is owned by company insiders.
About TPI Composites
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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