King Luther Capital Management Corp Sells 202,000 Shares of TPI Composites, Inc. (NASDAQ:TPIC)

King Luther Capital Management Corp trimmed its position in shares of TPI Composites, Inc. (NASDAQ:TPIC) by 59.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,000 shares of the industrial products company’s stock after selling 202,000 shares during the period. King Luther Capital Management Corp’s holdings in TPI Composites were worth $265,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TPIC. Erste Asset Management GmbH purchased a new position in shares of TPI Composites during the third quarter valued at about $7,854,000. Brightline Capital Management LLC boosted its position in TPI Composites by 14.3% during the 3rd quarter. Brightline Capital Management LLC now owns 1,658,000 shares of the industrial products company’s stock valued at $7,544,000 after acquiring an additional 208,000 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in shares of TPI Composites by 8.2% during the 4th quarter. Sanctuary Advisors LLC now owns 290,098 shares of the industrial products company’s stock worth $548,000 after acquiring an additional 22,005 shares during the period. JPMorgan Chase & Co. raised its position in shares of TPI Composites by 433.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 145,666 shares of the industrial products company’s stock worth $663,000 after acquiring an additional 118,365 shares in the last quarter. Finally, Swedbank AB lifted its stake in shares of TPI Composites by 210.6% in the 4th quarter. Swedbank AB now owns 131,063 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 88,868 shares during the period. 75.24% of the stock is currently owned by hedge funds and other institutional investors.

TPI Composites Stock Performance

NASDAQ:TPIC opened at $0.97 on Friday. The firm has a market cap of $46.20 million, a P/E ratio of -0.19 and a beta of 2.07. TPI Composites, Inc. has a fifty-two week low of $0.96 and a fifty-two week high of $5.75. The firm has a 50-day simple moving average of $1.40 and a two-hundred day simple moving average of $2.52.

TPI Composites (NASDAQ:TPIC) last announced its quarterly earnings results on Thursday, February 20th. The industrial products company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.66). The company had revenue of $346.51 million for the quarter, compared to the consensus estimate of $364.83 million. On average, equities research analysts predict that TPI Composites, Inc. will post -0.9 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Construction Taahhut A.S. Dere purchased 80,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were purchased at an average price of $1.52 per share, with a total value of $121,600.00. Following the acquisition, the insider now directly owns 4,397,232 shares in the company, valued at $6,683,792.64. The trade was a 1.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders acquired 205,000 shares of company stock valued at $307,050. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TPIC. Morgan Stanley reaffirmed an “underweight” rating and issued a $2.00 price target (down from $4.00) on shares of TPI Composites in a research note on Friday, November 15th. Roth Mkm reduced their target price on shares of TPI Composites from $2.75 to $1.50 and set a “neutral” rating on the stock in a research report on Friday, February 21st. UBS Group decreased their price target on shares of TPI Composites from $2.40 to $1.60 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. StockNews.com raised shares of TPI Composites from a “sell” rating to a “hold” rating in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of TPI Composites in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, TPI Composites presently has an average rating of “Hold” and an average target price of $3.83.

About TPI Composites

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.