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

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

Perma-Pipe International Trading Down 1.3%

Shares of PPIH traded down $0.35 during mid-day trading on Monday, reaching $27.32. The company’s stock had a trading volume of 148,487 shares, compared to its average volume of 109,656. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.21. Perma-Pipe International has a 52 week low of $20.92 and a 52 week high of $36.72. The company’s fifty day moving average price is $30.60 and its two-hundred day moving average price is $30.97. The stock has a market cap of $222.11 million, a PE ratio of 16.17 and a beta of 0.54.

Institutional Trading of Perma-Pipe International

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of Perma-Pipe International by 1,730.8% during the 2nd quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 1,125 shares during the last quarter. State of Wyoming boosted its stake 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 acquiring an additional 786 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Perma-Pipe International during the 3rd quarter valued at approximately $208,000. Quadrature Capital Ltd purchased a new position in Perma-Pipe International during the fourth quarter valued at $212,000. Finally, Jane Street Group LLC lifted its stake in 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 in the last quarter. Hedge funds and other institutional investors own 28.43% of the company’s stock.

Wall Street Analysts Forecast Growth

PPIH has been the topic of several recent research reports. Weiss Ratings cut shares of Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 19th. Wall Street Zen lowered Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a report on Saturday, April 18th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $36.00.

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.