State Board of Administration of Florida Retirement System Reduces Stock Position in TPI Composites, Inc. (NASDAQ:TPIC)

State Board of Administration of Florida Retirement System cut its stake in TPI Composites, Inc. (NASDAQ:TPIC – Get Rating) by 15.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,680 shares of the industrial products company’s stock after selling 3,150 shares during the period. State Board of Administration of Florida Retirement System’s holdings in TPI Composites were worth $169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Point72 Hong Kong Ltd grew its position in shares of TPI Composites by 1,561.5% in the second 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 in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in TPI Composites in the third quarter worth approximately $51,000. Sandia Investment Management LP purchased a new position in TPI Composites in the third quarter worth approximately $56,000. Golden State Equity Partners purchased a new position in TPI Composites in the first quarter worth approximately $339,000. Finally, Barclays PLC grew its position in TPI Composites by 231.9% in the third quarter. Barclays PLC now owns 6,093 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 4,257 shares during the period. 82.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPIC has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price objective on TPI Composites from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, February 23rd. Piper Sandler lowered their price objective on TPI Composites from $14.00 to $12.00 in a research report on Monday. Cowen increased their price objective on TPI Composites from $13.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 10th. StockNews.com upgraded TPI Composites from a “sell” rating to a “hold” rating in a research note on Tuesday, May 16th. Finally, UBS Group decreased their price target on TPI Composites from $12.00 to $9.00 in a research note on Monday, May 8th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.18.

TPI Composites Trading Up 1.8 %

NASDAQ:TPIC opened at $10.67 on Tuesday. The firm has a market cap of $453.26 million, a PE ratio of -3.41 and a beta of 1.87. The stock has a fifty day moving average price of $11.63 and a 200 day moving average price of $11.83. TPI Composites, Inc. has a 12-month low of $8.46 and a 12-month high of $25.05. The company has a current ratio of 1.71, a quick ratio of 1.67 and a debt-to-equity ratio of 0.02.

TPI Composites (NASDAQ:TPIC – Get Rating) last released its earnings results on Wednesday, May 3rd. The industrial products company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.31). The company had revenue of $404.07 million during the quarter, compared to analysts’ expectations of $383.20 million. TPI Composites had a negative net margin of 4.17% and a negative return on equity of 58.56%. Sell-side analysts anticipate that TPI Composites, Inc. will post -1.48 earnings per share for the current fiscal year.

About TPI Composites

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TPI Composites, Inc is a holding company, which engages in the manufacturing of composite wind blades for the wind energy market. It operates through the following segments: United States (US), Asia, Mexico, Europe, the Middle East & Africa (EMEA), and India. The US segment includes the production of wind blades in its Newton, Iowa plant, the manufacturing of precision molding and assembly systems used for the production of wind blades in its Warren, Rhode Island facility, and composite solutions for the transportation industry.