TPI Composites, Inc. (TPIC) Upgraded to “Hold” by Zacks Investment Research
TPI Composites, Inc. (NASDAQ:TPIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
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. “
A number of other research analysts have also recently weighed in on TPIC. Roth Capital lifted their price objective on shares of TPI Composites from $23.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday. Cowen and Company set a $26.00 price objective on shares of TPI Composites and gave the company a “buy” rating in a report on Friday, August 4th. Finally, Barclays PLC set a $23.00 price objective on shares of TPI Composites and gave the company a “buy” rating in a report on Monday, May 8th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.43.
Shares of TPI Composites (TPIC) opened at 21.80 on Friday. The stock has a market cap of $715.02 million and a price-to-earnings ratio of 56.48. The firm has a 50-day moving average price of $18.90 and a 200-day moving average price of $18.24. TPI Composites has a 52 week low of $13.27 and a 52 week high of $23.30.
TPI Composites (NASDAQ:TPIC) last released its quarterly earnings data on Tuesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.27. TPI Composites had a net margin of 2.18% and a return on equity of 18.24%. The company had revenue of $248.19 million during the quarter, compared to analysts’ expectations of $225.36 million. The company’s revenue was up 27.8% compared to the same quarter last year. On average, equities analysts anticipate that TPI Composites will post $0.91 earnings per share for the current year.
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In other news, major shareholder Element Partners Ii Intrafund sold 1,132,572 shares of the business’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 $18,517,552.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jack A. Henry bought 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 purchase, the director now directly owns 4,400 shares of the company’s stock, valued at $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 three months. Corporate insiders own 73.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Nationwide Fund Advisors boosted its stake 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 worth $112,000 after buying an additional 2,788 shares in the last quarter. Sei Investments Co. boosted its stake in TPI Composites by 916.3% in the second quarter. Sei Investments Co. now owns 7,734 shares of the industrial products company’s stock worth $143,000 after buying an additional 6,973 shares in the last quarter. Wells Fargo & Company MN boosted its stake in 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 in the last quarter. Trexquant Investment LP bought a new stake in TPI Composites during the first quarter worth approximately $198,000. Finally, JPMorgan Chase & Co. bought a new stake in TPI Composites during the first quarter worth approximately $205,000. 25.29% of the stock is owned by institutional investors and hedge funds.
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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