Northwest Pipe (NWPX) Rating Lowered to Sell at Zacks Investment Research

Northwest Pipe (NASDAQ:NWPX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

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 $18.06 on Tuesday. Northwest Pipe has a 12-month low of $12.41 and a 12-month high of $21.11. The stock has a market cap of $172.89, a P/E ratio of -78.52, a PEG ratio of 3.21 and a beta of 1.20.

Several hedge funds and other institutional investors have recently bought and sold shares of NWPX. The Manufacturers Life Insurance Company raised its position in shares of Northwest Pipe by 26,137.1% in the second quarter. The Manufacturers Life Insurance Company now owns 9,183 shares of the industrial products company’s stock valued at $149,000 after purchasing an additional 9,148 shares during the period. New York State Common Retirement Fund bought a new stake in shares of Northwest Pipe in the second quarter valued at approximately $166,000. Morgan Dempsey Capital Management LLC bought a new stake in shares of Northwest Pipe in the fourth quarter valued at approximately $167,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Northwest Pipe in the third quarter valued at approximately $169,000. Finally, Smith Moore & CO. bought a new stake in Northwest Pipe during the 3rd quarter worth approximately $190,000. 86.34% of the stock is currently owned by institutional investors.

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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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