Bank of America Cuts TPI Composites (NASDAQ:TPIC) Price Target to $4.00

TPI Composites (NASDAQ:TPIC) had its target price trimmed by Bank of America from $7.00 to $4.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

TPIC has been the topic of a number of other reports. Jefferies Financial Group started coverage on TPI Composites in a research note on Thursday, October 17th. They issued a “hold” rating and a $5.00 target price on the stock. Piper Sandler lifted their price objective on shares of TPI Composites from $3.50 to $3.70 and gave the company a “neutral” rating in a report on Monday, August 12th. JPMorgan Chase & Co. raised their target price on shares of TPI Composites from $8.00 to $9.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Finally, Evercore ISI upgraded shares of TPI Composites to a “strong-buy” rating in a research report on Monday, August 12th. Four research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $4.74.

TPI Composites Trading Up 0.7 %

Shares of NASDAQ:TPIC opened at $2.82 on Thursday. The company has a 50-day simple moving average of $4.01 and a 200 day simple moving average of $4.11. TPI Composites has a 52-week low of $1.90 and a 52-week high of $5.75.

TPI Composites (NASDAQ:TPIC) last issued its earnings results on Thursday, August 8th. The industrial products company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.54). The company had revenue of $309.82 million during the quarter, compared to the consensus estimate of $313.76 million. On average, equities research analysts anticipate that TPI Composites will post -2.74 earnings per share for the current year.

Institutional Trading of TPI Composites

A number of institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in TPI Composites during the 2nd quarter worth about $44,000. State Board of Administration of Florida Retirement System boosted its holdings in shares of TPI Composites by 55.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 16,680 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 5,930 shares during the period. Intech Investment Management LLC bought a new stake in TPI Composites during the third quarter worth about $65,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in TPI Composites in the first quarter worth about $77,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of TPI Composites by 12.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,347 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 3,737 shares in the last quarter. Institutional investors own 75.24% of the company’s stock.

TPI Composites Company Profile

TPI Composites, Inc manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers (OEMs) in the United States, Mexico, Europe, the Middle East, Africa, and India. It also provides composite solutions for the automotive industry; and field service inspection and repair services comprising diagnostic, repair, and maintenance services for wind blades to OEM customers, and wind farm owners and operators.