Northwest Pipe (NASDAQ:NWPX) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Northwest Pipe (NASDAQ:NWPX) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday, 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. “

Separately, TheStreet raised Northwest Pipe from a c+ rating to a b rating in a report on Thursday, November 11th.

Shares of NASDAQ NWPX opened at $30.65 on Wednesday. The company has a current ratio of 4.37, a quick ratio of 3.42 and a debt-to-equity ratio of 0.01. Northwest Pipe has a 12 month low of $23.11 and a 12 month high of $38.08. The stock has a 50 day moving average of $30.05 and a 200-day moving average of $27.34. The company has a market capitalization of $302.52 million, a P/E ratio of 20.99 and a beta of 0.83.

Northwest Pipe (NASDAQ:NWPX) last issued its earnings results on Sunday, November 7th. The industrial products company reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.21. The company had revenue of $84.64 million during the quarter, compared to the consensus estimate of $73.50 million. Northwest Pipe had a return on equity of 5.58% and a net margin of 4.82%. During the same period in the previous year, the company posted $0.78 EPS. Analysts predict that Northwest Pipe will post 1.51 EPS for the current fiscal year.

In other Northwest Pipe news, Director Keith R. Larson sold 1,000 shares of Northwest Pipe stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $30.90, for a total value of $30,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 5,513 shares of company stock valued at $165,583 over the last ninety days. Insiders own 2.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of NWPX. Legal & General Group Plc grew its position in Northwest Pipe by 71.3% during the 2nd quarter. Legal & General Group Plc now owns 61,144 shares of the industrial products company’s stock worth $1,727,000 after acquiring an additional 25,442 shares during the last quarter. Invesco Ltd. grew its position in shares of Northwest Pipe by 13.1% in the 2nd quarter. Invesco Ltd. now owns 125,812 shares of the industrial products company’s stock valued at $3,554,000 after buying an additional 14,568 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Northwest Pipe by 9.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 13,811 shares of the industrial products company’s stock valued at $390,000 after buying an additional 1,135 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Northwest Pipe by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 496,318 shares of the industrial products company’s stock valued at $14,021,000 after buying an additional 5,814 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Northwest Pipe in the 2nd quarter valued at about $47,000. Institutional investors and hedge funds own 79.47% of the company’s stock.

About Northwest Pipe

Northwest Pipe Co operates as a manufacturer of engineered steel pipe water systems in North America. It operates through the Water Infrastructure segment, which produces engineered pipeline systems including steel pipe, reinforced concrete pipe, and protective linings. These pipeline systems are primarily used in water infrastructure including drinking water systems, hydroelectric power systems, wastewater systems, industrial plant piping systems, certain structural applications and other applications.

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