Zacks Investment Research Upgrades TPI Composites (NASDAQ:TPIC) to “Hold”

Zacks Investment Research upgraded shares of TPI Composites (NASDAQ:TPIC) from a strong sell rating to a hold rating in a research note released on Friday morning, Zacks.com reports.

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. “

A number of other equities analysts also recently commented on the stock. UBS Group reduced their target price on shares of TPI Composites from $29.00 to $27.00 and set a buy rating on the stock in a research note on Friday, October 11th. ValuEngine raised shares of TPI Composites from a hold rating to a buy rating in a research note on Wednesday, November 13th. BidaskClub raised shares of TPI Composites from a hold rating to a buy rating in a research note on Wednesday, December 18th. Benchmark assumed coverage on shares of TPI Composites in a research note on Friday, October 4th. They set a buy rating and a $30.00 target price on the stock. Finally, Roth Capital downgraded shares of TPI Composites from a buy rating to a neutral rating in a research note on Friday, November 8th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. TPI Composites currently has a consensus rating of Buy and an average target price of $28.00.

NASDAQ:TPIC opened at $19.44 on Friday. The company’s 50-day moving average price is $18.10 and its 200-day moving average price is $19.87. The company has a current ratio of 1.26, a quick ratio of 1.22 and a debt-to-equity ratio of 1.15. The company has a market cap of $683.92 million, a P/E ratio of 243.00 and a beta of 1.62. TPI Composites has a twelve month low of $15.34 and a twelve month high of $32.74.

TPI Composites (NASDAQ:TPIC) last posted its quarterly earnings results on Wednesday, November 6th. The industrial products company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.19). The business had revenue of $383.84 million during the quarter, compared to analysts’ expectations of $400.60 million. TPI Composites had a negative return on equity of 6.29% and a negative net margin of 1.82%. The business’s quarterly revenue was up 50.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. On average, analysts expect that TPI Composites will post -0.02 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of TPIC. DNB Asset Management AS acquired a new stake in shares of TPI Composites during the fourth quarter valued at about $211,000. Metropolitan Life Insurance Co NY increased its position in shares of TPI Composites by 96.0% during the third quarter. Metropolitan Life Insurance Co NY now owns 9,932 shares of the industrial products company’s stock valued at $186,000 after acquiring an additional 4,864 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of TPI Composites by 117.4% during the third quarter. Point72 Asset Management L.P. now owns 657,357 shares of the industrial products company’s stock valued at $12,325,000 after acquiring an additional 355,033 shares during the last quarter. State Street Corp increased its position in shares of TPI Composites by 16.6% during the third quarter. State Street Corp now owns 566,666 shares of the industrial products company’s stock valued at $10,625,000 after acquiring an additional 80,881 shares during the last quarter. Finally, Trillium Asset Management LLC increased its position in shares of TPI Composites by 25.6% during the third quarter. Trillium Asset Management LLC now owns 236,946 shares of the industrial products company’s stock valued at $4,443,000 after acquiring an additional 48,309 shares during the last quarter. 85.35% of the stock is currently owned by institutional investors.

TPI Composites Company Profile

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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