The PNC Financial Services Group Inc. Grows Stock Position in TPI Composites, Inc. (NASDAQ:TPIC)

The PNC Financial Services Group Inc. lifted its stake in TPI Composites, Inc. (NASDAQ:TPIC) by 23,415.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,703 shares of the industrial products company’s stock after purchasing an additional 4,683 shares during the period. The PNC Financial Services Group Inc.’s holdings in TPI Composites were worth $266,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in TPI Composites in the fourth quarter valued at $53,000. Exchange Traded Concepts LLC raised its stake in TPI Composites by 251.5% in the first quarter. Exchange Traded Concepts LLC now owns 1,160 shares of the industrial products company’s stock valued at $65,000 after buying an additional 830 shares in the last quarter. IFP Advisors Inc acquired a new stake in TPI Composites in the first quarter valued at $79,000. Nisa Investment Advisors LLC acquired a new stake in TPI Composites in the fourth quarter valued at $84,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in TPI Composites in the fourth quarter valued at $101,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

In other TPI Composites news, COO Ramesh Gopalakrishnan sold 997 shares of TPI Composites stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $52.30, for a total value of $52,143.10. Following the sale, the chief operating officer now owns 10,905 shares of the company’s stock, valued at approximately $570,331.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas J. Castle sold 1,030 shares of TPI Composites stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $52.30, for a total value of $53,869.00. Following the completion of the sale, the insider now directly owns 7,861 shares in the company, valued at approximately $411,130.30. The disclosure for this sale can be found here. Insiders sold a total of 222,457 shares of company stock worth $10,186,419 in the last 90 days. 5.60% of the stock is currently owned by insiders.

A number of analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on TPI Composites from $51.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, March 8th. Roth Capital raised their price target on TPI Composites from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 2nd. Morgan Stanley cut their price target on TPI Composites from $68.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 18th. Evercore ISI began coverage on TPI Composites in a research report on Monday, April 19th. They set an “outperform” rating and a $65.00 target price on the stock. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $68.00 target price on shares of TPI Composites in a research report on Monday, May 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $58.92.

Shares of TPIC stock opened at $44.51 on Friday. The firm has a market cap of $1.63 billion, a PE ratio of -68.48 and a beta of 1.58. TPI Composites, Inc. has a 52-week low of $20.27 and a 52-week high of $81.36. The firm has a 50-day moving average of $49.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.28 and a quick ratio of 1.25.

TPI Composites (NASDAQ:TPIC) last issued its quarterly earnings results on Thursday, May 6th. The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.05. The firm had revenue of $404.68 million for the quarter, compared to analysts’ expectations of $414.90 million. TPI Composites had a positive return on equity of 13.12% and a negative net margin of 1.18%. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) EPS. As a group, equities research analysts predict that TPI Composites, Inc. will post 0.54 earnings per share for the current year.

TPI Composites Profile

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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Institutional Ownership by Quarter for TPI Composites (NASDAQ:TPIC)

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