TPI Composites, Inc. (TPIC) Cut to Neutral at J P Morgan Chase & Co
TPI Composites, Inc. (NASDAQ:TPIC) was downgraded by investment analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a note issued to investors on Friday, The Fly reports.
A number of other equities research analysts have also weighed in on TPIC. Barclays PLC set a $23.00 target price on shares of TPI Composites and gave the stock a “buy” rating in a report on Monday, May 8th. Roth Capital set a $23.00 price objective on shares of TPI Composites and gave the stock a “buy” rating in a research report on Saturday, May 27th. Zacks Investment Research downgraded shares of TPI Composites from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, Cowen and Company set a $26.00 price objective on shares of TPI Composites and gave the stock a “buy” rating in a research report on Friday, August 4th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $23.43.
Shares of TPI Composites (TPIC) opened at 21.80 on Friday. The stock has a 50 day moving average price of $18.90 and a 200 day moving average price of $18.24. TPI Composites has a 1-year low of $13.27 and a 1-year high of $23.30. The company has a market capitalization of $715.02 million and a price-to-earnings ratio of 56.48.
TPI Composites (NASDAQ:TPIC) last posted its earnings results on Tuesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.27. TPI Composites had a net margin of 2.18% and a return on equity of 18.24%. The company had revenue of $248.19 million for the quarter, compared to analyst estimates of $225.36 million. The company’s quarterly revenue was up 27.8% compared to the same quarter last year. Analysts forecast that TPI Composites will post $0.91 earnings per share for the current year.
In other news, Director Jack A. Henry acquired 4,400 shares of TPI Composites stock in a transaction on Wednesday, May 31st. The stock was acquired at an average cost of $16.82 per share, with a total value of $74,008.00. Following the transaction, the director now owns 4,400 shares of the company’s stock, valued at approximately $74,008. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul G. Giovacchini sold 1,245,348 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $16.35, for a total transaction of $20,361,439.80. The disclosure for this sale can be found here. Insiders sold a total of 2,513,253 shares of company stock valued at $41,091,687 over the last ninety days. 73.70% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of TPIC. Handelsbanken Fonder AB increased its stake in shares of TPI Composites by 213.7% in the second quarter. Handelsbanken Fonder AB now owns 664,172 shares of the industrial products company’s stock worth $12,274,000 after buying an additional 452,453 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of TPI Composites by 1,755.3% in the second quarter. Bank of New York Mellon Corp now owns 361,690 shares of the industrial products company’s stock worth $6,684,000 after buying an additional 342,195 shares during the last quarter. Morgan Stanley increased its stake in shares of TPI Composites by 209.6% in the first quarter. Morgan Stanley now owns 183,555 shares of the industrial products company’s stock worth $3,489,000 after buying an additional 124,267 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of TPI Composites during the second quarter worth about $3,081,000. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of TPI Composites by 558.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 162,787 shares of the industrial products company’s stock worth $3,009,000 after buying an additional 138,053 shares during the last quarter. 25.29% 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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