Raymond James upgraded shares of TPI Composites (NASDAQ:TPIC) from an outperform rating to a strong-buy rating in a research note issued to investors on Tuesday morning, BenzingaRatingsTable reports. The firm currently has $32.00 price objective on the industrial products company’s stock.
Several other research firms have also weighed in on TPIC. BidaskClub lowered shares of TPI Composites from a hold rating to a sell rating in a research note on Tuesday. ValuEngine lowered shares of TPI Composites from a buy rating to a hold rating in a research note on Thursday, August 1st. Roth Capital decreased their price objective on shares of TPI Composites from $34.00 to $28.00 and set a buy rating for the company in a report on Friday, August 9th. Zacks Investment Research cut shares of TPI Composites from a buy rating to a hold rating in a report on Thursday, May 9th. Finally, Canaccord Genuity reduced their target price on shares of TPI Composites from $28.00 to $25.00 and set a buy rating for the company in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $32.90.
Shares of TPI Composites stock opened at $18.18 on Tuesday. The firm has a market cap of $615.19 million, a PE ratio of 227.25 and a beta of 1.53. The firm’s 50-day simple moving average is $23.43 and its 200-day simple moving average is $26.35. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.25 and a current ratio of 1.27. TPI Composites has a 1 year low of $16.92 and a 1 year high of $32.74.
TPI Composites (NASDAQ:TPIC) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.33. The firm had revenue of $330.77 million for the quarter, compared to analyst estimates of $330.90 million. TPI Composites had a negative net margin of 0.82% and a negative return on equity of 5.59%. TPI Composites’s quarterly revenue was up 43.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.12) earnings per share. On average, equities analysts predict that TPI Composites will post 0.04 earnings per share for the current year.
In other news, CEO Steven C. Lockard acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average price of $21.47 per share, for a total transaction of $107,350.00. Following the completion of the acquisition, the chief executive officer now owns 277,284 shares in the company, valued at $5,953,287.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas J. Castle sold 1,527 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $22.52, for a total transaction of $34,388.04. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 12,470 shares of company stock valued at $270,570. Insiders own 20.30% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of TPI Composites by 61.0% in the second quarter. BlackRock Inc. now owns 1,975,173 shares of the industrial products company’s stock worth $48,826,000 after purchasing an additional 748,204 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in shares of TPI Composites in the first quarter valued at about $18,514,000. Redwood Capital Management LLC raised its position in shares of TPI Composites by 81.4% in the second quarter. Redwood Capital Management LLC now owns 761,408 shares of the industrial products company’s stock valued at $18,822,000 after purchasing an additional 341,670 shares during the period. Bank of New York Mellon Corp raised its position in shares of TPI Composites by 24.3% in the second quarter. Bank of New York Mellon Corp now owns 1,456,149 shares of the industrial products company’s stock valued at $35,995,000 after purchasing an additional 284,649 shares during the period. Finally, Scout Investments Inc. bought a new position in shares of TPI Composites in the second quarter valued at about $5,949,000. Institutional investors own 83.13% of the company’s stock.
About TPI Composites
TPI Composites, Inc manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers. The company also provides composite solutions for the transportation industry. It operates in the United States, Asia, Mexico, Europe, the Middle East, and Africa.
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