Northwest Pipe (NASDAQ:NWPX) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 233,300 shares, a drop of 7.8% from the June 30th total of 252,900 shares. Based on an average daily trading volume, of 25,800 shares, the days-to-cover ratio is presently 9.0 days. Currently, 2.5% of the shares of the stock are short sold.
Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its holdings in shares of Northwest Pipe by 551.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,025 shares of the industrial products company’s stock valued at $49,000 after buying an additional 1,714 shares during the period. Metropolitan Life Insurance Co. NY acquired a new position in Northwest Pipe during the fourth quarter worth $77,000. MetLife Investment Advisors LLC acquired a new position in Northwest Pipe during the fourth quarter worth $106,000. Bank of America Corp DE raised its holdings in Northwest Pipe by 32.1% during the fourth quarter. Bank of America Corp DE now owns 7,029 shares of the industrial products company’s stock worth $164,000 after purchasing an additional 1,709 shares during the last quarter. Finally, ETF Managers Group LLC acquired a new position in Northwest Pipe during the second quarter worth $186,000. 77.80% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently commented on NWPX. Zacks Investment Research raised Northwest Pipe from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Friday, August 9th. ValuEngine raised Northwest Pipe from a “sell” rating to a “hold” rating in a report on Thursday, August 8th.
Shares of NWPX traded up $0.69 during mid-day trading on Thursday, hitting $26.11. The company’s stock had a trading volume of 36,400 shares, compared to its average volume of 36,220. The firm has a 50-day simple moving average of $24.56 and a 200 day simple moving average of $24.57. The firm has a market capitalization of $248.37 million, a P/E ratio of -145.06 and a beta of 0.76. Northwest Pipe has a 1-year low of $16.52 and a 1-year high of $26.71.
Northwest Pipe (NASDAQ:NWPX) last posted its quarterly earnings results on Monday, August 5th. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.08). The business had revenue of $69.20 million during the quarter, compared to analyst estimates of $62.00 million. Northwest Pipe had a net margin of 13.68% and a return on equity of 4.47%. Sell-side analysts anticipate that Northwest Pipe will post 1.51 EPS for the current fiscal year.
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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