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

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

Perma-Pipe International Price Performance

NASDAQ:PPIH opened at $31.27 on Tuesday. The firm has a market cap of $253.91 million, a P/E ratio of 15.03 and a beta of 0.54. Perma-Pipe International has a 12 month low of $14.22 and a 12 month high of $36.72. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average of $31.86 and a two-hundred day moving average of $30.83.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PPIH. Wall Street Zen downgraded shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research report on Saturday, April 18th. Weiss Ratings cut shares of Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PPIH. Bank of America Corp DE increased its holdings 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 valued at $27,000 after buying an additional 1,125 shares in the last quarter. State of Wyoming increased its holdings in Perma-Pipe International by 59.7% during 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 last quarter. Qube Research & Technologies Ltd bought a new stake in Perma-Pipe International during the third quarter valued at approximately $208,000. Quadrature Capital Ltd purchased a new stake in shares of Perma-Pipe International in the 4th quarter worth about $212,000. Finally, Jane Street Group LLC lifted its stake in shares of Perma-Pipe International by 55.2% in the 1st quarter. Jane Street Group LLC now owns 18,505 shares of the industrial products company’s stock worth $230,000 after purchasing an additional 6,583 shares during the period. 28.43% of the stock is owned by hedge funds and other institutional investors.

About Perma-Pipe International

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.