TPI Composites, Inc. (TPIC) Shares Up 2.1% on Analyst Upgrade
Shares of TPI Composites, Inc. (NASDAQ:TPIC) shot up 2.1% on Thursday after Roth Capital raised their price target on the stock from $23.00 to $28.00. Roth Capital currently has a buy rating on the stock. TPI Composites traded as high as $22.30 and last traded at $21.84, with a volume of 256,395 shares traded. The stock had previously closed at $21.40.
Several other research firms have also commented on TPIC. Zacks Investment Research lowered TPI Composites from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Cowen and Company set a $26.00 target price on TPI Composites and gave the company a “buy” rating in a report on Friday, August 4th. Finally, Barclays PLC set a $23.00 target price on TPI Composites and gave the company a “buy” rating in a report on Monday, May 8th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. TPI Composites currently has a consensus rating of “Buy” and an average target price of $23.43.
In other news, major shareholder Element Partners Ii Intrafund sold 1,132,572 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $16.35, for a total transaction of $18,517,552.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul G. Giovacchini sold 1,245,348 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $16.35, for a total transaction of $20,361,439.80. The disclosure for this sale can be found here. Insiders sold 2,513,253 shares of company stock valued at $41,091,687 in the last 90 days. 73.70% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the company. Sei Investments Co. increased its stake in shares of TPI Composites by 916.3% in the second quarter. Sei Investments Co. now owns 7,734 shares of the industrial products company’s stock valued at $143,000 after buying an additional 6,973 shares during the period. Wells Fargo & Company MN increased 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 valued at $147,000 after buying an additional 5,600 shares during the period. Trexquant Investment LP acquired a new stake in shares of TPI Composites during the first quarter valued at $198,000. JPMorgan Chase & Co. acquired a new stake in shares of TPI Composites during the first quarter valued at $205,000. Finally, Rhumbline Advisers acquired a new stake in shares of TPI Composites during the second quarter valued at $206,000. Institutional investors and hedge funds own 25.29% of the company’s stock.
The firm has a 50 day moving average of $18.78 and a 200 day moving average of $18.22. The firm has a market capitalization of $721.91 million and a price-to-earnings ratio of 57.02.
TPI Composites (NASDAQ:TPIC) last issued its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.27. The company had revenue of $248.19 million during the quarter, compared to analyst estimates of $225.36 million. TPI Composites had a net margin of 2.03% and a return on equity of 51.28%. TPI Composites’s quarterly revenue was up 27.8% on a year-over-year basis. Analysts expect that TPI Composites, Inc. will post $0.91 EPS for the current fiscal year.
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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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