Lazard Asset Management LLC Takes Position in Perma-Pipe International Holdings, Inc. $PPIH

Lazard Asset Management LLC acquired a new position in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 42,448 shares of the industrial products company’s stock, valued at approximately $1,265,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Invesco Ltd. purchased a new stake in Perma-Pipe International during the 4th quarter valued at about $2,914,000. Arrowstreet Capital Limited Partnership increased its stake in Perma-Pipe International by 122.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 154,784 shares of the industrial products company’s stock worth $4,614,000 after purchasing an additional 85,218 shares during the period. Renaissance Technologies LLC lifted its position in Perma-Pipe International by 39.1% in the first quarter. Renaissance Technologies LLC now owns 209,093 shares of the industrial products company’s stock valued at $6,233,000 after purchasing an additional 58,800 shares during the last quarter. Royce & Associates LP lifted its position in Perma-Pipe International by 62.9% in the fourth quarter. Royce & Associates LP now owns 149,253 shares of the industrial products company’s stock valued at $4,531,000 after purchasing an additional 57,655 shares during the last quarter. Finally, 683 Capital Management LLC purchased a new stake in shares of Perma-Pipe International during the fourth quarter valued at approximately $1,122,000. Institutional investors own 28.43% of the company’s stock.

Perma-Pipe International Stock Performance

Perma-Pipe International stock opened at $25.69 on Wednesday. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.21. The firm has a market cap of $208.86 million, a P/E ratio of 15.20 and a beta of 0.58. Perma-Pipe International Holdings, Inc. has a 1-year low of $21.96 and a 1-year high of $36.72. The firm has a 50-day moving average of $26.96 and a 200-day moving average of $29.77.

Perma-Pipe International (NASDAQ:PPIH) last announced its quarterly earnings results on Tuesday, June 9th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.26). The business had revenue of $50.27 million for the quarter, compared to analysts’ expectations of $54.00 million. Perma-Pipe International had a net margin of 6.47% and a return on equity of 15.92%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PPIH shares. Wall Street Zen cut shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a report on Saturday, April 18th. Weiss Ratings lowered shares of Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Perma-Pipe International presently has an average rating of “Hold” and an average price target of $36.00.

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.