Guinness Asset Management LTD Decreases Position in TPI Composites, Inc. (NASDAQ:TPIC)

Guinness Asset Management LTD trimmed its stake in shares of TPI Composites, Inc. (NASDAQ:TPIC) by 8.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 359,866 shares of the industrial products company’s stock after selling 32,912 shares during the period. Guinness Asset Management LTD owned approximately 0.76% of TPI Composites worth $1,637,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in TPIC. Los Angeles Capital Management LLC purchased a new position in shares of TPI Composites in the first quarter worth $147,000. Green Alpha Advisors LLC raised its stake in shares of TPI Composites by 2.9% in the first quarter. Green Alpha Advisors LLC now owns 227,627 shares of the industrial products company’s stock valued at $662,000 after acquiring an additional 6,351 shares during the period. Perigon Wealth Management LLC purchased a new stake in shares of TPI Composites in the first quarter valued at $36,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of TPI Composites in the first quarter valued at $77,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of TPI Composites in the first quarter valued at $312,000. 75.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on TPIC. Bank of America upped their price target on shares of TPI Composites from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Piper Sandler increased their target price on shares of TPI Composites from $3.50 to $3.70 and gave the stock a “neutral” rating in a report on Monday, August 12th. JPMorgan Chase & Co. increased 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 report on Monday, August 12th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.09.

TPI Composites Stock Up 7.5 %

Shares of TPI Composites stock traded up $0.32 during midday trading on Friday, hitting $4.60. The company had a trading volume of 535,948 shares, compared to its average volume of 927,127. The stock has a market cap of $218.73 million, a price-to-earnings ratio of -1.00 and a beta of 1.91. The company has a fifty day simple moving average of $4.10 and a 200 day simple moving average of $3.98. TPI Composites, Inc. has a 12-month low of $1.63 and a 12-month high of $5.75.

TPI Composites (NASDAQ:TPIC) last posted its quarterly 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 business had revenue of $309.82 million for the quarter, compared to the consensus estimate of $313.76 million. As a group, analysts expect that TPI Composites, Inc. will post -2.85 EPS for the current year.

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.