Northwest Pipe (NWPX) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Northwest Pipe (NASDAQ:NWPX) from a strong sell rating to a hold rating in a report issued on Thursday.

According to Zacks, “Northwest Pipe Company manufactures welded steel pipe in two business segments. In its Water Transmission business, they are a supplier of large diameter, high-pressure steel pipe used primarily for water transmission. In its Tubular Products business, they manufacture smaller diameter, electric resistance welded steel pipe for use in a wide range of construction, agricultural, energy and industrial applications. “

Separately, ValuEngine lowered shares of Northwest Pipe from a buy rating to a hold rating in a research report on Friday, June 29th.

Northwest Pipe stock opened at $20.24 on Thursday. The company has a market capitalization of $192.27 million, a price-to-earnings ratio of -31.14 and a beta of 1.00. Northwest Pipe has a 1 year low of $16.60 and a 1 year high of $22.00.

Northwest Pipe (NASDAQ:NWPX) last posted its quarterly earnings results on Thursday, August 2nd. The industrial products company reported ($0.53) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.33). The business had revenue of $28.79 million during the quarter, compared to analyst estimates of $33.50 million. Northwest Pipe had a negative return on equity of 4.67% and a negative net margin of 8.68%. Equities analysts forecast that Northwest Pipe will post -0.32 EPS for the current year.

In other Northwest Pipe news, Director Michelle Galanter Applebaum purchased 3,604 shares of the firm’s stock in a transaction on Thursday, September 6th. The shares were purchased at an average price of $17.97 per share, for a total transaction of $64,763.88. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at approximately $359,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.90% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Quantum Capital Management boosted its stake in Northwest Pipe by 5.3% in the 2nd quarter. Quantum Capital Management now owns 102,614 shares of the industrial products company’s stock worth $1,988,000 after purchasing an additional 5,208 shares during the period. NJ State Employees Deferred Compensation Plan boosted its stake in Northwest Pipe by 31.6% in the 2nd quarter. NJ State Employees Deferred Compensation Plan now owns 25,000 shares of the industrial products company’s stock worth $484,000 after purchasing an additional 6,000 shares during the period. Foundry Partners LLC boosted its stake in Northwest Pipe by 2.5% in the 2nd quarter. Foundry Partners LLC now owns 274,325 shares of the industrial products company’s stock worth $5,314,000 after purchasing an additional 6,600 shares during the period. US Bancorp DE acquired a new position in Northwest Pipe in the 1st quarter worth approximately $167,000. Finally, Ancora Advisors LLC boosted its stake in Northwest Pipe by 13.5% in the 1st quarter. Ancora Advisors LLC now owns 85,619 shares of the industrial products company’s stock worth $1,481,000 after purchasing an additional 10,203 shares during the period. Hedge funds and other institutional investors own 86.72% of the company’s stock.

About Northwest Pipe

Northwest Pipe Company manufactures engineered steel pipe water systems in North America. It produces large-diameter, high-pressure, and engineered welded steel pipeline systems for use in drinking water infrastructure; and pipes for piling and hydroelectric projects, wastewater treatment plants, and other applications, as well as for industrial plant piping systems and structural applications.

See Also: Google Finance Portfolio

Get a free copy of the Zacks research report on Northwest Pipe (NWPX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Northwest Pipe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northwest Pipe and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply