TPI Composites (NASDAQ:TPIC) Upgraded at Zacks Investment Research

TPI Composites (NASDAQ:TPIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $46.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.98% 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 research analysts have also recently issued reports about the stock. Stifel Nicolaus reissued a “buy” rating and set a $68.00 price target on shares of TPI Composites in a research report on Monday, May 17th. Morgan Stanley cut their price target on shares of TPI Composites from $68.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 18th. Evercore ISI initiated coverage on shares of TPI Composites in a research report on Monday, April 19th. They set an “outperform” rating and a $65.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of TPI Composites from $46.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Seaport Res Ptn reaffirmed a “buy” rating on shares of TPI Composites in a report on Thursday, July 15th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $59.62.

TPIC opened at $42.60 on Thursday. The company has a fifty day moving average of $45.64. The company has a quick ratio of 1.25, a current ratio of 1.28 and a debt-to-equity ratio of 0.93. TPI Composites has a 12 month low of $24.02 and a 12 month high of $81.36. The company has a market cap of $1.56 billion, a PE ratio of -65.54 and a beta of 1.58.

TPI Composites (NASDAQ:TPIC) last issued its quarterly earnings results on Thursday, May 6th. The industrial products company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. TPI Composites had a negative net margin of 1.18% and a positive return on equity of 13.12%. The firm had revenue of $404.68 million for the quarter, compared to analysts’ expectations of $414.90 million. During the same period in the previous year, the firm posted ($0.01) EPS. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, equities research analysts predict that TPI Composites will post 0.58 EPS for the current fiscal year.

In related news, insider Thomas J. Castle sold 25,423 shares of the company’s stock in a transaction dated Wednesday, May 26th. The shares were sold at an average price of $49.15, for a total value of $1,249,540.45. Following the transaction, the insider now owns 32,254 shares in the company, valued at approximately $1,585,284.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven C. Lockard sold 158,593 shares of the company’s stock in a transaction dated Tuesday, May 11th. The shares were sold at an average price of $45.00, for a total transaction of $7,136,685.00. Following the completion of the transaction, the director now owns 584,295 shares in the company, valued at approximately $26,293,275. The disclosure for this sale can be found here. In the last quarter, insiders sold 220,355 shares of company stock worth $10,044,534. 5.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new position in TPI Composites in the 1st quarter valued at about $31,000. Orion Capital Management LLC acquired a new position in shares of TPI Composites during the 4th quarter worth approximately $53,000. Exchange Traded Concepts LLC grew its position in shares of TPI Composites by 251.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,160 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 830 shares in the last quarter. IFP Advisors Inc acquired a new position in shares of TPI Composites during the 1st quarter worth approximately $79,000. Finally, Massmutual Trust Co. FSB ADV acquired a new position in shares of TPI Composites during the 1st quarter worth approximately $100,000. Institutional investors and hedge funds own 80.50% 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 (OEMs). The company also provides composite solutions for the transportation industry; and field service inspection and repair services to OEM customers and wind farm owners and operators.

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