Principal Financial Group Inc. lessened its position in TPI Composites, Inc. (NASDAQ:TPIC) by 12.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 5,711 shares of the industrial products company’s stock after selling 845 shares during the period. Principal Financial Group Inc.’s holdings in TPI Composites were worth $277,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in TPIC. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of TPI Composites by 123.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 28,338 shares of the industrial products company’s stock valued at $1,372,000 after buying an additional 15,672 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of TPI Composites during the second quarter valued at approximately $256,000. Morgan Stanley boosted its position in shares of TPI Composites by 22.5% during the first quarter. Morgan Stanley now owns 1,177,091 shares of the industrial products company’s stock valued at $66,424,000 after buying an additional 215,940 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of TPI Composites by 145.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,374 shares of the industrial products company’s stock valued at $1,658,000 after buying an additional 17,389 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of TPI Composites by 27.2% during the first quarter. Renaissance Technologies LLC now owns 271,995 shares of the industrial products company’s stock valued at $15,349,000 after buying an additional 58,195 shares during the last quarter. 84.94% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on TPIC. Raymond James cut their target price on TPI Composites from $50.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 5th. Morgan Stanley dropped their price target on TPI Composites from $62.00 to $59.00 and set an “overweight” rating on the stock in a report on Friday, July 23rd. Bank of America started coverage on TPI Composites in a report on Monday, August 30th. They set an “underperform” rating and a $22.00 price target on the stock. Seaport Res Ptn reiterated a “buy” rating on shares of TPI Composites in a report on Thursday, July 15th. Finally, Roth Capital reiterated a “buy” rating and set a $37.21 price target (down from $60.00) on shares of TPI Composites in a report on Tuesday, July 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, TPI Composites presently has an average rating of “Buy” and an average target price of $54.44.
TPI Composites (NASDAQ:TPIC) last announced its quarterly earnings results on Thursday, August 5th. The industrial products company reported ($1.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.76) by ($0.32). The company had revenue of $458.84 million during the quarter, compared to analysts’ expectations of $458.79 million. TPI Composites had a net margin of 0.33% and a return on equity of 2.42%. On average, sell-side analysts predict that TPI Composites, Inc. will post -1.67 EPS for the current year.
About TPI Composites
TPI Composites, Inc is a holding company, which engages in the manufacture of composite wind blades for the wind energy market. It operates through the following segments: United States (US); Asia; Mexico; and Europe, the Middle East, and Africa (EMEA). The US segment includes the production of wind blades in Newton, Iowa plant; and manufacturing of precision molding and assembly systems used for the manufacture of wind blades in Warren, Rhode Island facility, and composite solutions for the transportation industry.
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