Broadwind Energy, Inc. (BWEN) Downgraded by Zacks Investment Research to “Sell”
Broadwind Energy, Inc. (NASDAQ:BWEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a 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. “
Several other research firms also recently commented on BWEN. Cowen and Company reiterated an “outperform” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Broadwind Energy in a report on Wednesday, August 2nd. ValuEngine downgraded Broadwind Energy from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Finally, Roth Capital set a $5.00 price objective on Broadwind Energy and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. Broadwind Energy presently has a consensus rating of “Hold” and a consensus price target of $6.50.
Broadwind Energy (NASDAQ:BWEN) last released its quarterly earnings data on Tuesday, October 31st. The industrial products company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $29.60 million for the quarter, compared to the consensus estimate of $29.84 million. Broadwind Energy had a negative return on equity of 1.31% and a net margin of 2.05%. The company’s quarterly revenue was down 30.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.08 earnings per share.
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Large investors have recently made changes to their positions in the stock. KCG Holdings Inc. purchased a new position in Broadwind Energy during the 1st quarter valued at about $154,000. JPMorgan Chase & Co. increased its holdings in Broadwind Energy by 186.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,038 shares of the industrial products company’s stock valued at $106,000 after purchasing an additional 13,691 shares during the period. Russell Investments Group Ltd. purchased a new position in Broadwind Energy during the 2nd quarter valued at about $226,000. Bank of New York Mellon Corp increased its holdings in Broadwind Energy by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 59,647 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 1,004 shares during the period. Finally, Municipal Employees Retirement System of Michigan purchased a new position in Broadwind Energy during the 2nd quarter valued at about $303,000. Institutional investors own 54.15% of the company’s stock.
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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