Northwest Pipe Company (NASDAQ:NWPX) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Northwest Pipe Company (NASDAQ:NWPX) from a hold rating to a buy rating in a research report report published on Wednesday morning. The firm currently has $18.00 price objective 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, Jefferies Group LLC reissued a hold rating and set a $9.00 price target on shares of Northwest Pipe in a research report on Wednesday, April 12th.

Northwest Pipe (NASDAQ NWPX) opened at 16.06 on Wednesday. The firm has a market cap of $154.48 million, a PE ratio of 281.75 and a beta of 1.33. Northwest Pipe has a one year low of $11.25 and a one year high of $19.55. The stock has a 50 day moving average of $15.98 and a 200 day moving average of $15.92.

Northwest Pipe (NASDAQ:NWPX) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.04. Northwest Pipe had a net margin of 0.45% and a negative return on equity of 1.90%. The business had revenue of $28.69 million during the quarter, compared to the consensus estimate of $33 million. During the same quarter last year, the company earned ($0.65) earnings per share. The business’s quarterly revenue was down 31.8% compared to the same quarter last year. On average, equities analysts forecast that Northwest Pipe will post ($0.40) earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in the company. William Blair Investment Management LLC increased its position in Northwest Pipe by 20.7% in the second quarter. William Blair Investment Management LLC now owns 723,133 shares of the industrial products company’s stock worth $11,758,000 after buying an additional 123,852 shares in the last quarter. Royce & Associates LP increased its position in Northwest Pipe by 9.8% in the first quarter. Royce & Associates LP now owns 1,193,200 shares of the industrial products company’s stock worth $18,745,000 after buying an additional 106,432 shares in the last quarter. Northern Trust Corp increased its position in Northwest Pipe by 152.3% in the second quarter. Northern Trust Corp now owns 142,073 shares of the industrial products company’s stock worth $2,310,000 after buying an additional 85,756 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Northwest Pipe by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 791,284 shares of the industrial products company’s stock worth $12,431,000 after buying an additional 84,075 shares in the last quarter. Finally, AlphaOne Investment Services LLC acquired a new position in Northwest Pipe during the second quarter worth approximately $909,000. 77.11% of the stock is owned by institutional investors and hedge funds.

About Northwest Pipe

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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