TPI Composites, Inc. (NASDAQ:TPIC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday. The brokerage currently has a $26.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.94% from the company’s current price.
According to Zacks, “TPI Composites, Inc. is the manufacturer of composite wind blades for the wind energy market. It operates primarily in the U.S., Mexico, China and Turkey. TPI Composites, Inc. is headquartered in Scottsdale, Arizona. “
Other equities analysts also recently issued reports about the company. Roth Capital upped their price target on TPI Composites from $23.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. J P Morgan Chase & Co downgraded TPI Composites from an “overweight” rating to a “neutral” rating and set a $27.00 price target for the company. in a report on Friday, August 11th. Finally, Cowen and Company set a $26.00 price target on TPI Composites and gave the company a “buy” rating in a report on Friday, August 4th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. TPI Composites presently has a consensus rating of “Buy” and an average target price of $25.00.
TPI Composites (NASDAQ:TPIC) last announced its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.27. The firm had revenue of $248.19 million during the quarter, compared to the consensus estimate of $225.36 million. TPI Composites had a return on equity of 18.24% and a net margin of 2.18%. TPI Composites’s revenue for the quarter was up 27.8% compared to the same quarter last year.
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In other news, Director Jack A. Henry acquired 3,400 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was acquired at an average cost of $21.70 per share, with a total value of $73,780.00. Following the completion of the acquisition, the director now owns 13,800 shares of the company’s stock, valued at $299,460. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 73.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Nationwide Fund Advisors boosted its holdings in shares of TPI Composites by 85.8% in the second quarter. Nationwide Fund Advisors now owns 6,038 shares of the industrial products company’s stock valued at $112,000 after acquiring an additional 2,788 shares during the period. Sei Investments Co. boosted its holdings in shares of TPI Composites by 916.3% in the second quarter. Sei Investments Co. now owns 7,734 shares of the industrial products company’s stock valued at $143,000 after acquiring an additional 6,973 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of TPI Composites by 260.5% in the first quarter. Wells Fargo & Company MN now owns 7,750 shares of the industrial products company’s stock valued at $147,000 after acquiring an additional 5,600 shares during the period. Advisor Group Inc. boosted its holdings in shares of TPI Composites by 242.5% in the second quarter. Advisor Group Inc. now owns 8,333 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 5,900 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of TPI Composites by 70.2% in the second quarter. Royal Bank of Canada now owns 9,338 shares of the industrial products company’s stock valued at $172,000 after acquiring an additional 3,852 shares during the period. 32.87% 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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