Northwest Pipe Co. (NASDAQ:NWPX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Shares of Northwest Pipe (NASDAQ:NWPX) opened at 11.94 on Wednesday. The company’s market capitalization is $114.58 million. The company’s 50 day moving average is $11.77 and its 200 day moving average is $10.49. Northwest Pipe has a 12-month low of $7.46 and a 12-month high of $15.57.
Northwest Pipe (NASDAQ:NWPX) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. Northwest Pipe had a negative net margin of 17.85% and a negative return on equity of 14.48%. The business had revenue of $42.06 million for the quarter, compared to analyst estimates of $38.15 million. During the same quarter last year, the firm earned ($0.71) EPS. Northwest Pipe’s quarterly revenue was down 21.9% compared to the same quarter last year. Analysts expect that Northwest Pipe will post ($2.89) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NWPX. Foundry Partners LLC raised its position in Northwest Pipe by 0.3% in the second quarter. Foundry Partners LLC now owns 126,715 shares of the company’s stock valued at $1,366,000 after buying an additional 375 shares during the last quarter. Royce & Associates LP raised its position in Northwest Pipe by 0.4% in the first quarter. Royce & Associates LP now owns 1,226,827 shares of the company’s stock valued at $11,311,000 after buying an additional 5,360 shares during the last quarter. State Street Corp raised its position in Northwest Pipe by 7.0% in the first quarter. State Street Corp now owns 159,338 shares of the company’s stock valued at $1,469,000 after buying an additional 10,489 shares during the last quarter. California Public Employees Retirement System raised its position in Northwest Pipe by 35.4% in the second quarter. California Public Employees Retirement System now owns 47,800 shares of the company’s stock valued at $515,000 after buying an additional 12,500 shares during the last quarter. Finally, Oxford Asset Management purchased a new position in Northwest Pipe during the second quarter valued at $156,000. 75.38% of the stock is currently owned by institutional investors and hedge funds.
Northwest Pipe Company Profile
Northwest Pipe Company is a manufacturer of engineered steel pipe water systems. The Company operates through two segments. The Water Transmission segment produces steel pipeline systems for use in drinking water infrastructure, and has approximately eight manufacturing facilities, located in Portland, Oregon; Denver, Colorado; Adelanto, California; Parkersburg, West Virginia; Saginaw, Texas; St.
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