Legal & General Group Plc Acquires Shares of 285,122 NWPX Infrastructure, Inc. $NWPX

Key Points

• Legal & General Group acquired 285,122 NWPX Infrastructure shares worth approximately $42.8 million, giving it a 2.96% stake. Institutional investors collectively own 80.63% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $110. JPMorgan initiated coverage with a neutral rating and a $130 target.
• NWPX exceeded quarterly expectations, reporting EPS of $1.62 versus the $1.33 consensus and revenue of $159.5 million. Meanwhile, insiders sold 13,678 shares worth about $1.6 million over the past quarter.

Legal & General Group Plc acquired a new position in shares of NWPX Infrastructure, Inc. (NASDAQ:NWPX - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 285,122 shares of the industrial products company's stock, valued at approximately $42,751,000. Legal & General Group Plc owned 2.96% of NWPX Infrastructure at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of NWPX Infrastructure during the second quarter worth approximately $41,000. Simplex Trading LLC lifted its holdings in shares of NWPX Infrastructure by 193.9% during the fourth quarter. Simplex Trading LLC now owns 485 shares of the industrial products company's stock worth $30,000 after purchasing an additional 320 shares during the period. Wexford Capital LP purchased a new position in NWPX Infrastructure in the 3rd quarter valued at $29,000. State of Wyoming purchased a new position in NWPX Infrastructure in the 2nd quarter valued at $98,000. Finally, Central Pacific Bank Trust Division acquired a new position in NWPX Infrastructure in the 2nd quarter valued at $156,000. 80.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of NWPX Infrastructure in a research report on Wednesday, June 10th. They set a "neutral" rating and a $130.00 price objective for the company. Wall Street Zen downgraded shares of NWPX Infrastructure from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 13th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of NWPX Infrastructure in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $110.00.

Insider Transactions at NWPX Infrastructure

In related news, CEO Scott J. Montross sold 2,500 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $118.74, for a total value of $296,850.00. Following the sale, the chief executive officer directly owned 76,129 shares in the company, valued at $9,039,557.46. The trade was a 3.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aaron Wilkins sold 428 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $120.00, for a total transaction of $51,360.00. Following the completion of the sale, the chief financial officer owned 25,898 shares in the company, valued at $3,107,760. This represents a 1.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 13,678 shares of company stock worth $1,601,640. Corporate insiders own 3.30% of the company's stock.

NWPX Infrastructure Stock Performance

NASDAQ NWPX opened at $112.03 on Friday. The business has a 50 day moving average price of $128.04 and a 200 day moving average price of $105.46. The company has a market capitalization of $1.08 billion, a P/E ratio of 22.45, a PEG ratio of 1.91 and a beta of 1.09. NWPX Infrastructure, Inc. has a 1-year low of $49.25 and a 1-year high of $152.03. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.71 and a quick ratio of 1.94.

NWPX Infrastructure (NASDAQ:NWPX - Get Free Report) last posted its earnings results on Wednesday, July 29th. The industrial products company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.29. The company had revenue of $159.48 million for the quarter, compared to the consensus estimate of $154.70 million. NWPX Infrastructure had a return on equity of 12.22% and a net margin of 8.49%. Sell-side analysts expect that NWPX Infrastructure, Inc. will post 5.43 EPS for the current fiscal year.

NWPX Infrastructure Company Profile

Northwest Pipe Company, together with its subsidiaries, engages in the manufacture and supply of water-related infrastructure products in North America. It operates in two segments, Engineered Steel Pressure Pipe (SPP) and Precast Infrastructure and Engineered Systems (Precast). The SPP segment offers large-diameter and high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. Its products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source