Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lowered its position in TPI Composites, Inc. (NASDAQ:TPIC – Get Rating) by 13.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,691 shares of the industrial products company’s stock after selling 7,373 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned approximately 0.12% of TPI Composites worth $515,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of TPIC. Point72 Hong Kong Ltd lifted its stake in TPI Composites by 1,561.5% in the 2nd quarter. Point72 Hong Kong Ltd now owns 3,456 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 3,248 shares during the last quarter. Amalgamated Bank bought a new position in shares of TPI Composites during the 1st quarter worth approximately $83,000. Allspring Global Investments Holdings LLC increased its holdings in shares of TPI Composites by 31.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,123 shares of the industrial products company’s stock worth $114,000 after acquiring an additional 2,403 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in TPI Composites in the 2nd quarter valued at $131,000. Finally, SG Americas Securities LLC acquired a new stake in TPI Composites during the 3rd quarter valued at $148,000. Institutional investors own 82.07% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on TPIC shares. Morgan Stanley dropped their price objective on shares of TPI Composites from $21.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 10th. JPMorgan Chase & Co. reduced their price objective on TPI Composites from $21.00 to $20.00 in a report on Thursday, December 15th. Piper Sandler lowered their target price on TPI Composites from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, October 17th. Raymond James reduced their price target on TPI Composites from $28.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, October 13th. Finally, Craig Hallum upgraded TPI Composites from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research report on Friday, November 4th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.45.
TPI Composites Trading Up 0.3 %
TPI Composites (NASDAQ:TPIC – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The industrial products company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.18). The firm had revenue of $459.27 million for the quarter, compared to analyst estimates of $468.89 million. TPI Composites had a negative net margin of 6.53% and a negative return on equity of 66.10%. On average, analysts forecast that TPI Composites, Inc. will post -2.22 earnings per share for the current fiscal year.
About TPI Composites
TPI Composites, Inc manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers (OEMs). The company also provides composite solutions for the transportation industry; and field service inspection and repair services to OEM customers and wind farm owners and operators.
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