Millennium Management LLC reduced its position in shares of TPI Composites Inc (NASDAQ:TPIC) by 47.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 369,541 shares of the industrial products company’s stock after selling 328,453 shares during the quarter. Millennium Management LLC owned 1.05% of TPI Composites worth $6,928,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TPIC. TCI Wealth Advisors Inc. grew its position in shares of TPI Composites by 100.0% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 2,000 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 1,000 shares during the period. Bank of Montreal Can bought a new stake in shares of TPI Composites in the 2nd quarter valued at about $59,000. Cubist Systematic Strategies LLC bought a new stake in shares of TPI Composites in the 2nd quarter valued at about $63,000. Smithfield Trust Co. raised its holdings in shares of TPI Composites by 35.4% in the 3rd quarter. Smithfield Trust Co. now owns 5,003 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 1,309 shares during the period. Finally, Quest Capital Management Inc. ADV acquired a new stake in TPI Composites in the 3rd quarter valued at about $133,000. 86.26% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on TPIC shares. JMP Securities reduced their price target on TPI Composites from $34.00 to $25.00 and set a “market outperform” rating for the company in a report on Tuesday, September 10th. Roth Capital lowered TPI Composites from a “buy” rating to a “neutral” rating in a research note on Friday, November 8th. Zacks Investment Research cut TPI Composites from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 9th. Benchmark assumed coverage on TPI Composites in a research note on Friday, October 4th. They set a “buy” rating and a $30.00 target price for the company. Finally, ValuEngine upgraded TPI Composites from a “hold” rating to a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $28.00.
Shares of TPIC stock opened at $16.95 on Tuesday. TPI Composites Inc has a 52 week low of $15.34 and a 52 week high of $32.74. The company has a market capitalization of $596.14 million, a price-to-earnings ratio of 211.81 and a beta of 1.64. The company has a 50-day simple moving average of $18.27 and a 200 day simple moving average of $20.64. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.22 and a current ratio of 1.26.
TPI Composites (NASDAQ:TPIC) last released 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 company had revenue of $383.84 million during the quarter, compared to the consensus estimate of $400.60 million. TPI Composites had a negative net margin of 1.82% and a negative return on equity of 6.29%. The firm’s revenue was up 50.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 earnings per share. Sell-side analysts forecast that TPI Composites Inc will post -0.12 EPS for the current year.
TPI Composites 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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