Shares of TPI Composites, Inc. (NASDAQ:TPIC) saw strong trading volume on Wednesday following a stronger than expected earnings report. 1,173,901 shares were traded during mid-day trading, an increase of 453% from the previous session’s volume of 212,419 shares.The stock last traded at $21.40 and had previously closed at $19.09.
The industrial products company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.14 by $0.27. TPI Composites had a return on equity of 18.24% and a net margin of 2.18%. The company had revenue of $248.19 million during the quarter, compared to the consensus estimate of $225.36 million. The firm’s revenue was up 27.8% compared to the same quarter last year.
Several equities research analysts recently commented on the company. Roth Capital lifted their price objective on TPI Composites from $23.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Zacks Investment Research downgraded TPI Composites from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Barclays PLC set a $23.00 price objective on TPI Composites and gave the stock a “buy” rating in a report on Monday, May 8th. Cowen and Company set a $26.00 price target on TPI Composites and gave the company a “buy” rating in a research note on Friday, August 4th. Finally, J P Morgan Chase & Co downgraded TPI Composites from an “overweight” rating to a “neutral” rating and set a $27.00 price target for the company. in a research note on Friday, August 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $24.83.
In other news, Director Jack A. Henry purchased 3,400 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was acquired at an average cost of $21.70 per share, for a total transaction of $73,780.00. Following the purchase, the director now directly owns 13,800 shares in the company, valued at approximately $299,460. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jack A. Henry purchased 4,400 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were purchased at an average price of $16.82 per share, with a total value of $74,008.00. Following the completion of the purchase, the director now owns 4,400 shares in the company, valued at $74,008. The disclosure for this purchase can be found here. Insiders own 73.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 worth $1,068,000 after buying an additional 15,485 shares during the last quarter. 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 worth $779,000 after buying an additional 8,000 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in TPI Composites during the first quarter worth $424,000. TFS Capital LLC bought a new position in TPI Composites during the first quarter worth $239,000. Finally, Oxford Asset Management bought a new position in TPI Composites during the first quarter worth $210,000. 23.41% of the stock is currently owned by hedge funds and other institutional investors.
The firm’s 50-day moving average price is $19.32 and its 200-day moving average price is $18.35. The company has a market cap of $681.56 million and a PE ratio of 38.99.
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About TPI Composites
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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