TPI Composites, Inc. (TPIC) Stock Rating Upgraded by Zacks Investment Research
TPI Composites, Inc. (NASDAQ:TPIC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The firm currently has a $26.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.54% from the stock’s previous close.
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. “
Other analysts have also recently issued reports about the company. Roth Capital increased their target price on TPI Composites from $23.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Cowen and Company set a $26.00 price target on TPI Composites and gave the stock a “buy” rating in a research report on Friday, August 4th. Finally, J P Morgan Chase & Co downgraded TPI Composites from an “overweight” rating to a “neutral” rating and set a $27.00 price target for the company. in a research report on Friday, August 11th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. TPI Composites has an average rating of “Buy” and an average price target of $25.00.
TPI Composites (NASDAQ:TPIC) traded up 1.23% during mid-day trading on Wednesday, hitting $22.98. 73,988 shares of the company traded hands. TPI Composites has a one year low of $13.27 and a one year high of $23.68. The company’s 50-day moving average price is $21.72 and its 200 day moving average price is $21.72. The company’s market capitalization is $780.24 million.
TPI Composites (NASDAQ:TPIC) last posted its earnings results on Tuesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.27. TPI Composites had a return on equity of 18.24% and a net margin of 2.18%. The business had revenue of $248.19 million during the quarter, compared to analysts’ expectations of $225.36 million. TPI Composites’s revenue was up 27.8% on a year-over-year basis. On average, analysts anticipate that TPI Composites will post $0.91 earnings per share for the current fiscal year.
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In other news, Director Jack A. Henry purchased 3,400 shares of TPI Composites stock in a transaction on Wednesday, August 16th. The stock was purchased at an average price of $21.70 per share, with a total value of $73,780.00. Following the transaction, the director now directly owns 13,800 shares in the company, valued at approximately $299,460. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 73.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TPIC. Teachers Advisors LLC boosted its holdings in shares of TPI Composites by 360.9% in the 4th quarter. Teachers Advisors LLC now owns 29,360 shares of the industrial products company’s stock valued at $471,000 after buying an additional 22,990 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of TPI Composites by 260.5% in the 1st 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 last quarter. First Trust Advisors LP acquired a new stake in shares of TPI Composites in the 1st quarter valued at approximately $572,000. Trexquant Investment LP acquired a new stake in shares of TPI Composites in the 1st quarter valued at approximately $198,000. Finally, Oxford Asset Management acquired a new stake in shares of TPI Composites in the 1st quarter valued at approximately $210,000. 32.87% of the stock is owned by institutional investors.
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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