Northwest Pipe (NASDAQ:NWPX) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Northwest Pipe (NASDAQ:NWPX) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

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. “

NWPX has been the subject of a number of other reports. ValuEngine downgraded shares of Northwest Pipe from a hold rating to a sell rating in a research note on Tuesday, December 3rd. Northland Securities restated a buy rating and set a $45.00 price objective on shares of Northwest Pipe in a research note on Friday, December 6th. Finally, BidaskClub upgraded shares of Northwest Pipe from a sell rating to a hold rating in a research note on Friday, January 17th.

NWPX stock traded up $0.08 during trading hours on Friday, reaching $34.03. 1,988 shares of the stock were exchanged, compared to its average volume of 77,012. The firm’s 50-day moving average is $33.41 and its 200-day moving average is $29.12. The company has a market cap of $334.91 million, a price-to-earnings ratio of 20.82 and a beta of 0.80. Northwest Pipe has a 12 month low of $18.04 and a 12 month high of $35.72.

Northwest Pipe (NASDAQ:NWPX) last released its earnings results on Wednesday, October 30th. The industrial products company reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.41. The firm had revenue of $75.23 million during the quarter, compared to analysts’ expectations of $70.00 million. Northwest Pipe had a return on equity of 7.46% and a net margin of 6.06%. Equities analysts expect that Northwest Pipe will post 2.24 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of NWPX. Parametric Portfolio Associates LLC acquired a new position in shares of Northwest Pipe during the 2nd quarter worth about $232,000. Strs Ohio acquired a new position in shares of Northwest Pipe during the 4th quarter worth about $379,000. First Trust Advisors LP acquired a new position in shares of Northwest Pipe during the 1st quarter worth about $408,000. Millennium Management LLC acquired a new position in shares of Northwest Pipe during the 3rd quarter worth about $412,000. Finally, Rhumbline Advisers boosted its stake in shares of Northwest Pipe by 10.2% during the 3rd quarter. Rhumbline Advisers now owns 15,066 shares of the industrial products company’s stock worth $424,000 after buying an additional 1,396 shares during the last quarter. Institutional investors own 75.89% of the company’s stock.

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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