Zacks Investment Research Downgrades Broadwind Energy, Inc. (BWEN) to Sell
Broadwind Energy, Inc. (NASDAQ:BWEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “Broadwind Energy is a precision manufacturer of structures, equipment & components for clean tech and other specialized applications. Their most significant presence is within the U.S. wind energy industry, although they have diversified into other industrial markets in order to improve their capacity utilization and reduce their exposure to uncertainty related to favorable governmental policies currently supporting the U.S. wind energy industry. Within the U.S. wind energy industry, they provide products primarily to wind turbine manufacturers. Outside of the wind energy market, they provide precision gearing and specialty weldments to a broad range of industrial customers for oil and gas, mining, steel and other industrial applications. “
BWEN has been the topic of several other reports. Roth Capital set a $5.00 price objective on shares of Broadwind Energy and gave the stock a “buy” rating in a research report on Tuesday. Cowen and Company reissued an “outperform” rating and set a $8.00 price objective (down from $9.00) on shares of Broadwind Energy in a research report on Wednesday, August 2nd. Finally, ValuEngine downgraded shares of Broadwind Energy from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.50.
Broadwind Energy (NASDAQ:BWEN) last posted its earnings results on Tuesday, October 31st. The industrial products company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.02. Broadwind Energy had a net margin of 2.05% and a negative return on equity of 1.31%. The firm had revenue of $29.60 million for the quarter, compared to the consensus estimate of $29.84 million. During the same period last year, the firm posted $0.08 EPS. The company’s revenue was down 30.4% on a year-over-year basis.
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Several large investors have recently modified their holdings of BWEN. JPMorgan Chase & Co. boosted its holdings in shares of Broadwind Energy by 186.3% in the second quarter. JPMorgan Chase & Co. now owns 21,038 shares of the industrial products company’s stock valued at $106,000 after acquiring an additional 13,691 shares in the last quarter. KCG Holdings Inc. purchased a new stake in shares of Broadwind Energy in the first quarter valued at about $154,000. Russell Investments Group Ltd. purchased a new stake in shares of Broadwind Energy in the second quarter valued at about $226,000. Bank of New York Mellon Corp boosted its holdings in shares of Broadwind Energy by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 59,647 shares of the industrial products company’s stock valued at $301,000 after acquiring an additional 1,004 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in shares of Broadwind Energy in the second quarter valued at about $303,000. 54.15% of the stock is currently owned by institutional investors and hedge funds.
About Broadwind Energy
Broadwind Energy, Inc provides technologically advanced products and services to energy, mining and infrastructure sector customers, primarily in the United States. The Company is engaged primarily in United States wind energy industry. The Company operates through two segments: Towers and Weldments, and Gearing.
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