TPI Composites, Inc. (NASDAQ:TPIC) Stake Cut by AQR Capital Management LLC

AQR Capital Management LLC cut its position in shares of TPI Composites, Inc. (NASDAQ:TPIC) by 70.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 146,509 shares of the industrial products company’s stock after selling 351,135 shares during the period. AQR Capital Management LLC’s holdings in TPI Composites were worth $585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Perigon Wealth Management LLC bought a new position in TPI Composites during the first quarter worth $36,000. SG Americas Securities LLC acquired a new stake in TPI Composites in the second quarter worth $44,000. State Board of Administration of Florida Retirement System increased its position in TPI Composites by 55.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 16,680 shares of the industrial products company’s stock worth $49,000 after buying an additional 5,930 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in TPI Composites in the first quarter worth $77,000. Finally, Price T Rowe Associates Inc. MD increased its position in TPI Composites by 12.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,347 shares of the industrial products company’s stock worth $100,000 after buying an additional 3,737 shares during the period. 75.24% of the stock is currently owned by institutional investors.

TPI Composites Stock Performance

Shares of TPIC opened at $4.92 on Tuesday. The stock has a fifty day moving average price of $4.12 and a two-hundred day moving average price of $4.01. TPI Composites, Inc. has a 52-week low of $1.63 and a 52-week high of $5.75. The company has a market cap of $233.95 million, a price-to-earnings ratio of -1.06 and a beta of 1.91.

TPI Composites (NASDAQ:TPIC) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.54). The company had revenue of $309.82 million during the quarter, compared to analyst estimates of $313.76 million. As a group, research analysts predict that TPI Composites, Inc. will post -2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Bank of America raised their price target on TPI Composites from $5.00 to $6.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Piper Sandler raised their target price on TPI Composites from $3.50 to $3.70 and gave the company a “neutral” rating in a research note on Monday, August 12th. JPMorgan Chase & Co. increased their price target on TPI Composites from $8.00 to $9.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Finally, Evercore ISI upgraded TPI Composites to a “strong-buy” rating in a research report on Monday, August 12th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, TPI Composites currently has an average rating of “Moderate Buy” and a consensus target price of $5.09.

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.