Wells Fargo & Company MN Continues to Hold Position in TPI Composites, Inc. (TPIC)
Wells Fargo & Company MN continued to hold its position in shares of TPI Composites, Inc. (NASDAQ:TPIC) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,750 shares of the industrial products company’s stock at the end of the second quarter. Wells Fargo & Company MN’s holdings in TPI Composites were worth $143,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in TPI Composites by 1,755.3% during 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 in the last quarter. Marshall Wace North America L.P. purchased a new position in TPI Composites during the second quarter worth approximately $3,081,000. Rice Hall James & Associates LLC purchased a new position in TPI Composites during the second quarter worth approximately $2,764,000. Schwab Charles Investment Management Inc. lifted its position in TPI Composites by 558.2% during 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 in the last quarter. Finally, Morgan Stanley increased its stake in TPI Composites by 209.6% during the first quarter. Morgan Stanley now owns 183,555 shares of the industrial products company’s stock worth $3,489,000 after acquiring an additional 124,267 shares during the last quarter. Institutional investors and hedge funds own 35.03% of the company’s stock.
Several research firms have issued reports on TPIC. Zacks Investment Research cut TPI Composites from a “buy” rating to a “hold” rating in a research note on Wednesday. Roth Capital raised their target price on TPI Composites from $23.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. J P Morgan Chase & Co cut TPI Composites from an “overweight” rating to a “neutral” rating and set a $27.00 target price for the company. in a research note on Friday, August 11th. ValuEngine raised TPI Composites from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. Finally, Cowen Inc set a $26.00 price objective on TPI Composites and gave the company a “buy” rating in a research note on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $27.00.
TPI Composites, Inc. (TPIC) opened at $18.55 on Friday. The stock has a market capitalization of $630.89, a price-to-earnings ratio of 16.71 and a beta of -0.01. TPI Composites, Inc. has a fifty-two week low of $14.13 and a fifty-two week high of $26.00. The company has a quick ratio of 0.93, a current ratio of 1.32 and a debt-to-equity ratio of 0.59.
TPI Composites (NASDAQ:TPIC) last released its earnings results on Wednesday, November 8th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.36. The firm had revenue of $243.35 million during the quarter, compared to analyst estimates of $252.42 million. TPI Composites had a return on equity of 30.80% and a net margin of 4.09%. TPI Composites’s revenue was up 22.3% compared to the same quarter last year. During the same period last year, the business posted $0.08 earnings per share. research analysts anticipate that TPI Composites, Inc. will post 1.3 EPS for the current year.
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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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