Perma-Pipe International (NASDAQ:PPIH) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Perma-Pipe International (NASDAQ:PPIH) from a strong-buy rating to a hold rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings raised Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $36.00.

Perma-Pipe International Stock Down 6.3%

PPIH opened at $30.31 on Friday. Perma-Pipe International has a 12 month low of $11.22 and a 12 month high of $36.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.76 and a quick ratio of 1.53. The stock has a market cap of $245.21 million, a P/E ratio of 14.57 and a beta of 0.57. The stock’s 50 day moving average price is $31.20 and its 200 day moving average price is $29.42.

Perma-Pipe International (NASDAQ:PPIH) last issued its quarterly earnings results on Thursday, April 16th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.16. The firm had revenue of $55.13 million during the quarter, compared to analyst estimates of $55.00 million. Perma-Pipe International had a return on equity of 20.96% and a net margin of 8.08%.

Institutional Trading of Perma-Pipe International

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ritholtz Wealth Management boosted its position in shares of Perma-Pipe International by 3.8% in the fourth quarter. Ritholtz Wealth Management now owns 18,907 shares of the industrial products company’s stock worth $574,000 after buying an additional 687 shares during the period. State of Wyoming boosted its position in shares of Perma-Pipe International by 59.7% in the fourth quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock worth $64,000 after buying an additional 786 shares during the period. Bank of America Corp DE boosted its position in shares of Perma-Pipe International by 1,730.8% in the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock worth $27,000 after buying an additional 1,125 shares during the period. Empowered Funds LLC boosted its position in shares of Perma-Pipe International by 8.8% in the first quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company’s stock worth $250,000 after buying an additional 1,626 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Perma-Pipe International by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 478,988 shares of the industrial products company’s stock worth $11,222,000 after buying an additional 2,463 shares during the period. Institutional investors and hedge funds own 28.43% of the company’s stock.

Perma-Pipe International Company Profile

Perma-Pipe International Holdings Ltd. is a publicly traded company on the NASDAQ under the symbol PPIH that specializes in the design, manufacture and installation of prefabricated piping systems. Its core business revolves around factory-assembled thermal insulation and corrosion protection solutions, including pre-insulated pipe, heat tracing, field-applied jackets and specialty spool pieces. These engineered systems are custom-built to industry specifications and are used to maintain temperatures, control heat loss and extend the life of critical piping infrastructure.

The company’s products and services serve a diverse range of end markets, with primary focus on oil and gas production, petrochemical processing, power generation, district energy, and industrial facilities.