Zacks Investment Research Downgrades Northwest Pipe Co. (NWPX) to Hold
Northwest Pipe Co. (NASDAQ:NWPX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Northwest Pipe Company manufactures welded steel pipe in two business segments. In its Water Transmission business, they are a supplier of large diameter, high-pressure steel pipe used primarily for water transmission. In its Tubular Products business, they manufacture smaller diameter, electric resistance welded steel pipe for use in a wide range of construction, agricultural, energy and industrial applications. “
Shares of Northwest Pipe (NASDAQ:NWPX) opened at 11.94 on Wednesday. The stock has a 50 day moving average of $11.77 and a 200 day moving average of $10.49. Northwest Pipe has a 52-week low of $7.46 and a 52-week high of $15.57. The company’s market cap is $114.58 million.
Northwest Pipe (NASDAQ:NWPX) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.65) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $0.11. The firm had revenue of $42.06 million for the quarter, compared to analyst estimates of $38.15 million. Northwest Pipe had a negative net margin of 17.85% and a negative return on equity of 14.48%. The company’s revenue for the quarter was down 21.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.71) EPS. On average, equities analysts anticipate that Northwest Pipe will post ($2.89) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oxford Asset Management bought a new position in Northwest Pipe during the second quarter valued at $156,000. Royce & Associates LP raised its position in Northwest Pipe by 0.4% in the first quarter. Royce & Associates LP now owns 1,226,827 shares of the company’s stock valued at $11,311,000 after buying an additional 5,360 shares in the last quarter. Franklin Resources Inc. raised its position in Northwest Pipe by 10.0% in the first quarter. Franklin Resources Inc. now owns 220,600 shares of the company’s stock valued at $2,034,000 after buying an additional 20,000 shares in the last quarter. Adirondack Research & Management Inc. raised its position in Northwest Pipe by 15.3% in the second quarter. Adirondack Research & Management Inc. now owns 309,785 shares of the company’s stock valued at $3,339,000 after buying an additional 41,120 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Northwest Pipe by 17.6% in the first quarter. Renaissance Technologies LLC now owns 122,900 shares of the company’s stock valued at $1,133,000 after buying an additional 18,400 shares in the last quarter. Hedge funds and other institutional investors own 75.38% of the company’s stock.
Northwest Pipe Company Profile
Northwest Pipe Company is a manufacturer of engineered steel pipe water systems. The Company operates through two segments. The Water Transmission segment produces steel pipeline systems for use in drinking water infrastructure, and has approximately eight manufacturing facilities, located in Portland, Oregon; Denver, Colorado; Adelanto, California; Parkersburg, West Virginia; Saginaw, Texas; St.
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