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Analysts Expect TPI Composites Inc (NASDAQ:TPIC) Will Post Quarterly Sales of $424.80 Million

Last updated on Wednesday, September 16, 2020 | 2020 MarketBeat

Analysts expect TPI Composites Inc (NASDAQ:TPIC) to announce sales of $424.80 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for TPI Composites' earnings. The lowest sales estimate is $402.70 million and the highest is $446.90 million. TPI Composites reported sales of $383.84 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10.7%. The firm is scheduled to issue its next earnings results on Wednesday, November 4th.

According to Zacks, analysts expect that TPI Composites will report full year sales of $1.54 billion for the current fiscal year, with estimates ranging from $1.47 billion to $1.60 billion. For the next financial year, analysts forecast that the business will post sales of $1.77 billion, with estimates ranging from $1.67 billion to $1.86 billion. Zacks' sales averages are a mean average based on a survey of sell-side research firms that cover TPI Composites.

TPI Composites (NASDAQ:TPIC) last posted its quarterly earnings results on Thursday, August 6th. The industrial products company reported ($0.31) earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of ($0.18) by ($0.13). The company had revenue of $373.80 million for the quarter, compared to the consensus estimate of $303.60 million. TPI Composites had a negative net margin of 4.69% and a negative return on equity of 7.79%. TPI Composites's quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.

A number of equities analysts have weighed in on TPIC shares. Canaccord Genuity reiterated a "buy" rating on shares of TPI Composites in a research report on Friday, August 7th. Morgan Stanley increased their target price on shares of TPI Composites from $28.00 to $31.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. ValuEngine lowered shares of TPI Composites from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Benchmark increased their target price on shares of TPI Composites from $28.00 to $37.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Finally, BidaskClub lowered shares of TPI Composites from a "buy" rating to a "hold" rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. The stock currently has a consensus rating of "Buy" and a consensus price target of $30.00.

TPIC opened at $28.04 on Wednesday. The firm has a market cap of $991.13 million, a P/E ratio of -13.81 and a beta of 1.66. The firm has a 50-day moving average of $29.42 and a 200 day moving average of $22.00. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.30 and a current ratio of 1.33. TPI Composites has a fifty-two week low of $9.19 and a fifty-two week high of $33.58.

In related news, insider Thomas J. Castle sold 2,572 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $30.05, for a total value of $77,288.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Daniel G. Weiss sold 9,952 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $32.38, for a total transaction of $322,245.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,721 shares of company stock worth $3,111,755. Insiders own 18.30% of the company's stock.

A number of institutional investors and hedge funds have recently made changes to their positions in TPIC. BlackRock Inc. raised its stake in TPI Composites by 15.6% in the first quarter. BlackRock Inc. now owns 3,009,162 shares of the industrial products company's stock valued at $44,476,000 after purchasing an additional 406,794 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in TPI Composites in the first quarter valued at approximately $5,252,000. RK Capital Management LLC raised its stake in TPI Composites by 228.7% in the second quarter. RK Capital Management LLC now owns 337,600 shares of the industrial products company's stock valued at $7,890,000 after purchasing an additional 234,900 shares in the last quarter. JPMorgan Chase & Co. raised its stake in TPI Composites by 682.7% in the first quarter. JPMorgan Chase & Co. now owns 197,095 shares of the industrial products company's stock valued at $2,913,000 after purchasing an additional 171,912 shares in the last quarter. Finally, Phocas Financial Corp. purchased a new stake in TPI Composites in the second quarter valued at approximately $4,001,000. 75.46% of the stock is currently owned by institutional investors and hedge funds.

TPI Composites Company Profile

TPI Composites, Inc manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers. The company also provides composite solutions for the transportation industry. It operates in the United States, Asia, Mexico, Europe, the Middle East, Africa, and India.

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