Wells Fargo & Company MN raised its stake in TPI Composites, Inc. (NASDAQ:TPIC) by 260.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,750 shares of the industrial products company’s stock after buying an additional 5,600 shares during the period. Wells Fargo & Company MN’s holdings in TPI Composites were worth $147,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Essex Investment Management Co. LLC boosted its position in TPI Composites by 38.1% in the first quarter. Essex Investment Management Co. LLC now owns 56,155 shares of the industrial products company’s stock valued at $1,068,000 after buying an additional 15,485 shares during the period. Sanders Morris Harris Inc. boosted its position in TPI Composites by 24.2% in the first quarter. Sanders Morris Harris Inc. now owns 41,000 shares of the industrial products company’s stock valued at $779,000 after buying an additional 8,000 shares during the period. Teachers Advisors LLC boosted its position in TPI Composites by 360.9% in the fourth quarter. Teachers Advisors LLC now owns 29,360 shares of the industrial products company’s stock valued at $471,000 after buying an additional 22,990 shares during the period. Perigon Wealth Management LLC bought a new position in TPI Composites during the fourth quarter valued at $234,000. Finally, GSA Capital Partners LLP bought a new position in TPI Composites during the fourth quarter valued at $313,000. 25.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of TPI Composites, Inc. (NASDAQ:TPIC) opened at 21.07 on Friday. The firm’s 50 day moving average is $18.98 and its 200 day moving average is $18.26. The company has a market cap of $691.07 million and a PE ratio of 39.53. TPI Composites, Inc. has a 12 month low of $13.27 and a 12 month high of $23.30.
TPI Composites (NASDAQ:TPIC) last issued its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.27. The company had revenue of $248.19 million for the quarter, compared to analyst estimates of $225.36 million. TPI Composites had a net margin of 2.18% and a return on equity of 18.24%. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. On average, equities analysts predict that TPI Composites, Inc. will post $0.91 earnings per share for the current year.
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Several research analysts recently weighed in on the stock. Roth Capital boosted their price objective on shares of TPI Composites from $23.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research cut shares of TPI Composites from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Barclays PLC set a $23.00 price objective on shares of TPI Composites and gave the stock a “buy” rating in a research report on Monday, May 8th. Cowen and Company set a $26.00 price objective on shares of TPI Composites and gave the stock a “buy” rating in a research report on Friday, August 4th. Finally, JPMorgan Chase & Co. cut shares of TPI Composites from an “overweight” rating to a “neutral” rating and set a $27.00 price objective for the company. in a research report on Friday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $24.14.
In other TPI Composites news, Director Jack A. Henry purchased 4,400 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were bought at an average price of $16.82 per share, for a total transaction of $74,008.00. Following the completion of the acquisition, the director now owns 4,400 shares in the company, valued at $74,008. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul G. Giovacchini sold 1,245,348 shares of TPI Composites stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $16.35, for a total transaction of $20,361,439.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,513,253 shares of company stock worth $41,091,687. 73.70% of the stock is owned by company insiders.
TPI Composites Company Profile
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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