Separately, Zacks Investment Research lowered shares of Northwest Pipe from a “buy” rating to a “hold” rating in a report on Tuesday.
Shares of NASDAQ:NWPX traded down $1.05 during mid-day trading on Thursday, reaching $25.05. 30,338 shares of the company’s stock were exchanged, compared to its average volume of 24,548. The firm has a market cap of $243.99 million, a price-to-earnings ratio of -139.17, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76. The firm’s fifty day simple moving average is $24.56. Northwest Pipe has a twelve month low of $16.52 and a twelve month high of $26.71.
Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA lifted its holdings in Northwest Pipe by 551.1% in the first quarter. BNP Paribas Arbitrage SA now owns 2,025 shares of the industrial products company’s stock valued at $49,000 after buying an additional 1,714 shares during the period. Metropolitan Life Insurance Co. NY acquired a new position in Northwest Pipe in the fourth quarter valued at $77,000. MetLife Investment Advisors LLC acquired a new position in Northwest Pipe in the fourth quarter valued at $106,000. Bank of America Corp DE lifted its holdings in Northwest Pipe by 32.1% in the fourth quarter. Bank of America Corp DE now owns 7,029 shares of the industrial products company’s stock valued at $164,000 after buying an additional 1,709 shares during the period. Finally, O Shaughnessy Asset Management LLC acquired a new position in Northwest Pipe in the first quarter valued at $288,000. Institutional investors and hedge funds own 77.94% of the company’s stock.
About Northwest Pipe
Northwest Pipe Company manufactures engineered welded 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, water and wastewater treatment plants, and other applications, as well as for industrial plant piping systems and structural applications.
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