Zacks Investment Research upgraded shares of Northwest Pipe (NASDAQ:NWPX) from a hold rating to a strong-buy rating in a report issued on Friday, Zacks.com reports. The brokerage currently has $28.00 price target on the industrial products company’s stock.
According to Zacks, “Northwest Pipe Company manufactures welded steel pipe in two business segments. In its Water Transmission business, they are a supplier of large diameter, high-pressure steel pipe used primarily for water transmission. In its Tubular Products business, they manufacture smaller diameter, electric resistance welded steel pipe for use in a wide range of construction, agricultural, energy and industrial applications. “
Separately, ValuEngine raised shares of Northwest Pipe from a sell rating to a hold rating in a report on Thursday, August 8th.
Northwest Pipe (NASDAQ:NWPX) last issued its quarterly earnings results on Monday, August 5th. The industrial products company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.08). Northwest Pipe had a return on equity of 4.47% and a net margin of 13.68%. The firm had revenue of $69.20 million for the quarter, compared to the consensus estimate of $62.00 million. On average, equities research analysts forecast that Northwest Pipe will post 1.51 EPS for the current year.
Large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Northwest Pipe by 5.5% in the fourth quarter. BlackRock Inc. now owns 714,521 shares of the industrial products company’s stock worth $16,641,000 after buying an additional 37,501 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Northwest Pipe by 29.7% in the fourth quarter. Bank of New York Mellon Corp now owns 50,371 shares of the industrial products company’s stock worth $1,173,000 after buying an additional 11,547 shares during the period. Stifel Financial Corp boosted its position in shares of Northwest Pipe by 12.0% in the fourth quarter. Stifel Financial Corp now owns 12,315 shares of the industrial products company’s stock worth $287,000 after buying an additional 1,315 shares during the period. Geode Capital Management LLC boosted its position in shares of Northwest Pipe by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 102,572 shares of the industrial products company’s stock worth $2,388,000 after buying an additional 7,669 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Northwest Pipe by 32.1% in the fourth quarter. Bank of America Corp DE now owns 7,029 shares of the industrial products company’s stock worth $164,000 after buying an additional 1,709 shares during the period. 77.80% of the stock is owned by institutional investors and hedge funds.
About Northwest Pipe
Northwest Pipe Company manufactures engineered welded steel pipe water systems in North America. It produces large-diameter, high-pressure, and engineered welded steel pipeline systems for use in drinking water infrastructure; and pipes for piling and hydroelectric projects, water and wastewater treatment plants, and other applications, as well as for industrial plant piping systems and structural applications.
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