Perma-Pipe International (NASDAQ:PPIH) Issues Quarterly Earnings Results, Misses Estimates By $0.26 EPS

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

Perma-Pipe International Trading Down 1.3%

PPIH stock opened at $27.32 on Tuesday. The business has a fifty day moving average price of $30.50 and a 200 day moving average price of $30.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.31 and a quick ratio of 2.02. Perma-Pipe International has a fifty-two week low of $20.92 and a fifty-two week high of $36.72. The stock has a market capitalization of $222.11 million, a price-to-earnings ratio of 16.17 and a beta of 0.54.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PPIH shares. 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. Wall Street Zen downgraded shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a report on Saturday, April 18th. 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 Trading of Perma-Pipe International

Several large investors have recently made changes to their positions in the business. Invesco Ltd. bought a new position in shares of Perma-Pipe International in the fourth quarter valued at about $2,914,000. Russell Investments Group Ltd. acquired a new position in Perma-Pipe International during the 3rd quarter worth about $805,000. Millennium Management LLC grew its holdings in Perma-Pipe International by 265.1% during 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. grew its holdings in Perma-Pipe International by 1,595.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 30,419 shares of the industrial products company’s stock worth $713,000 after acquiring an additional 28,625 shares during the last quarter. Finally, UBS Group AG increased its position in Perma-Pipe International by 7,873.9% in the 3rd quarter. UBS Group AG now owns 26,234 shares of the industrial products company’s stock valued at $615,000 after acquiring an additional 25,905 shares in the last quarter. Institutional investors 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.