Perma-Pipe International (NASDAQ:PPIH) Issues Earnings Results

Perma-Pipe International (NASDAQ:PPIH) issued its earnings results on Tuesday. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.26), FiscalAI reports. The firm had revenue of $50.27 million during the quarter, compared to the consensus estimate of $54.00 million. Perma-Pipe International had a return on equity of 20.37% and a net margin of 8.08%.

Perma-Pipe International Stock Down 19.2%

PPIH stock opened at $25.27 on Wednesday. The stock has a 50-day simple moving average of $31.78 and a two-hundred day simple moving average of $30.85. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.05. Perma-Pipe International has a twelve month low of $14.26 and a twelve month high of $36.72. The firm has a market capitalization of $205.19 million, a PE ratio of 12.15 and a beta of 0.54.

Institutional Trading of Perma-Pipe International

Several institutional investors and hedge funds have recently modified their holdings of PPIH. Invesco Ltd. purchased a new position in Perma-Pipe International in the 4th quarter worth approximately $2,914,000. Russell Investments Group Ltd. purchased a new position in shares of Perma-Pipe International during the third quarter worth approximately $805,000. Millennium Management LLC lifted its holdings in shares of Perma-Pipe International by 265.1% in the 4th quarter. Millennium Management LLC now owns 42,780 shares of the industrial products company’s stock worth $1,299,000 after acquiring an additional 31,064 shares during the last quarter. JPMorgan Chase & Co. raised its position in Perma-Pipe International by 1,595.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 30,419 shares of the industrial products company’s stock worth $713,000 after purchasing an additional 28,625 shares during the period. Finally, UBS Group AG lifted its stake in Perma-Pipe International by 7,873.9% in the third quarter. UBS Group AG now owns 26,234 shares of the industrial products company’s stock worth $615,000 after purchasing an additional 25,905 shares during the last quarter. Hedge funds and other institutional investors own 28.43% of the company’s stock.

Wall Street Analyst Weigh In

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