Adirondack Research & Management Inc. increased its holdings in shares of TPI Composites Inc (NASDAQ:TPIC) by 69.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,293 shares of the industrial products company’s stock after purchasing an additional 18,602 shares during the quarter. TPI Composites accounts for about 1.4% of Adirondack Research & Management Inc.’s investment portfolio, making the stock its 29th largest holding. Adirondack Research & Management Inc. owned approximately 0.13% of TPI Composites worth $1,058,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of TPIC. Atticus Wealth Management LLC purchased a new stake in shares of TPI Composites during the 2nd quarter worth about $33,000. Citizens Financial Group Inc RI grew its holdings in shares of TPI Composites by 19.2% during the 2nd quarter. Citizens Financial Group Inc RI now owns 2,383 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 383 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in shares of TPI Composites during the 1st quarter worth approximately $48,000. Bank of Montreal Can grew its holdings in shares of TPI Composites by 10,662.9% during the 2nd quarter. Bank of Montreal Can now owns 3,767 shares of the industrial products company’s stock worth $90,000 after purchasing an additional 3,732 shares in the last quarter. Finally, Smithfield Trust Co. acquired a new stake in shares of TPI Composites during the 1st quarter worth approximately $73,000. 75.46% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently commented on TPIC. ValuEngine lowered TPI Composites from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. JPMorgan Chase & Co. downgraded TPI Composites from an “overweight” rating to a “neutral” rating and set a $26.00 target price for the company. in a research report on Thursday, July 9th. BidaskClub downgraded TPI Composites from a “strong-buy” rating to a “buy” rating in a report on Thursday. Canaccord Genuity reiterated a “buy” rating on shares of TPI Composites in a report on Friday, August 7th. Finally, Johnson Rice assumed coverage on TPI Composites in a research note on Wednesday, May 27th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $30.00.
In other TPI Composites news, COO Ramesh Gopalakrishnan sold 26,533 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $33.10, for a total value of $878,242.30. Following the sale, the chief operating officer now owns 33,842 shares of the company’s stock, valued at approximately $1,120,170.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel G. Weiss sold 41,818 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $21.22, for a total value of $887,377.96. In the last quarter, insiders have sold 164,539 shares of company stock worth $4,539,383. 18.30% of the stock is owned by corporate insiders.
NASDAQ:TPIC traded down $1.15 on Friday, hitting $28.31. The company’s stock had a trading volume of 513,196 shares, compared to its average volume of 443,577. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 2.85. The stock has a fifty day moving average of $29.44 and a two-hundred day moving average of $21.87. The firm has a market capitalization of $1.00 billion, a P/E ratio of -13.95 and a beta of 1.66. TPI Composites Inc has a one year low of $9.19 and a one year high of $33.58.
TPI Composites (NASDAQ:TPIC) last announced its earnings results on Thursday, August 6th. The industrial products company reported ($1.87) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($1.70). The firm had revenue of $373.80 million for the quarter, compared to the consensus estimate of $303.60 million. TPI Composites had a negative return on equity of 7.79% and a negative net margin of 4.69%. TPI Composites’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. As a group, sell-side analysts anticipate that TPI Composites Inc will post 0.54 EPS for the current year.
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, Africa, and India.
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