TPI Composites, Inc. (NASDAQ:TPIC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday. The firm currently has a $26.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.54% from the stock’s current price.
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. “
Several other equities research analysts have also issued reports on the company. Cowen and Company set a $26.00 price objective on TPI Composites and gave the company a “buy” rating in a research note on Friday, August 4th. J P Morgan Chase & Co lowered TPI Composites from an “overweight” rating to a “neutral” rating and set a $27.00 price objective for the company. in a research note on Friday, August 11th. Finally, Roth Capital raised their price objective on TPI Composites from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. One equities research 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 stock. The company has an average rating of “Buy” and a consensus price target of $25.00.
TPI Composites (NASDAQ TPIC) traded up 0.70% during mid-day trading on Wednesday, reaching $22.86. The company had a trading volume of 71,842 shares. The company’s market capitalization is $776.17 million. TPI Composites has a 1-year low of $13.27 and a 1-year high of $23.68. The firm has a 50-day moving average of $21.72 and a 200 day moving average of $21.72.
TPI Composites (NASDAQ:TPIC) last released its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.27. The business had revenue of $248.19 million during the quarter, compared to analysts’ expectations of $225.36 million. TPI Composites had a return on equity of 18.24% and a net margin of 2.18%. The company’s quarterly revenue was up 27.8% compared to the same quarter last year. On average, analysts predict that TPI Composites will post $0.91 earnings per share for the current fiscal year.
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In related news, Director Jack A. Henry acquired 3,400 shares of the stock in a transaction dated Wednesday, August 16th. The stock was acquired at an average cost of $21.70 per share, with a total value of $73,780.00. Following the purchase, the director now directly owns 13,800 shares of the company’s stock, valued at $299,460. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 73.70% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of TPIC. Nationwide Fund Advisors lifted its stake in shares of TPI Composites by 85.8% during the 2nd quarter. Nationwide Fund Advisors now owns 6,038 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 2,788 shares during the last quarter. Sei Investments Co. lifted its stake in shares of TPI Composites by 916.3% during the 2nd quarter. Sei Investments Co. now owns 7,734 shares of the industrial products company’s stock worth $143,000 after acquiring an additional 6,973 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of TPI Composites by 260.5% during the 1st quarter. Wells Fargo & Company MN now owns 7,750 shares of the industrial products company’s stock worth $147,000 after acquiring an additional 5,600 shares during the last quarter. Advisor Group Inc. lifted its stake in shares of TPI Composites by 242.5% during the 2nd quarter. Advisor Group Inc. now owns 8,333 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 5,900 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of TPI Composites by 70.2% during the 2nd quarter. Royal Bank of Canada now owns 9,338 shares of the industrial products company’s stock worth $172,000 after acquiring an additional 3,852 shares during the last quarter. 32.87% of the stock is owned by institutional investors and hedge funds.
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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