Arrowstreet Capital Limited Partnership Grows Stake in Perma-Pipe International Holdings, Inc. $PPIH

Key Points

• Arrowstreet Capital more than doubled its PPIH stake by purchasing 85,218 additional shares in the first quarter, bringing its holdings to 154,784 shares worth approximately $4.6 million. Institutional investors collectively own 28.43% of the company.
• Analyst sentiment was cautious, with Weiss Ratings and Wall Street Zen downgrading PPIH to “Hold.” MarketBeat data shows an average rating of “Hold” and a $36.00 price target.
• PPIH reported quarterly EPS of $0.22, missing the $0.48 consensus estimate, while revenue of $50.27 million fell short of expectations of $54.00 million. Shares opened at $24.66, near the lower end of their 52-week range.

Arrowstreet Capital Limited Partnership raised its holdings in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Free Report) by 122.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,784 shares of the industrial products company's stock after buying an additional 85,218 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.91% of Perma-Pipe International worth $4,614,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PPIH. Dimensional Fund Advisors LP increased its position in Perma-Pipe International by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 478,988 shares of the industrial products company's stock valued at $11,222,000 after purchasing an additional 2,463 shares during the period. Vanguard Group Inc. raised its position in shares of Perma-Pipe International by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 350,705 shares of the industrial products company's stock worth $8,217,000 after purchasing an additional 15,668 shares during the last quarter. Royce & Associates LP boosted its stake in Perma-Pipe International by 62.9% in the 4th quarter. Royce & Associates LP now owns 149,253 shares of the industrial products company's stock worth $4,531,000 after purchasing an additional 57,655 shares in the last quarter. Invesco Ltd. bought a new position in Perma-Pipe International in the 4th quarter worth about $2,914,000. Finally, Geode Capital Management LLC grew its position in Perma-Pipe International by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 90,755 shares of the industrial products company's stock valued at $2,756,000 after purchasing an additional 3,733 shares during the last quarter. Institutional investors own 28.43% of the company's stock.

Analyst Ratings Changes

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

Perma-Pipe International Stock Up 2.1%

PPIH opened at $24.66 on Tuesday. The stock has a market capitalization of $200.49 million, a price-to-earnings ratio of 14.59 and a beta of 0.58. The firm has a 50 day moving average price of $27.10 and a 200-day moving average price of $29.81. Perma-Pipe International Holdings, Inc. has a twelve month low of $21.55 and a twelve month high of $36.72. The company has a quick ratio of 2.02, a current ratio of 2.31 and a debt-to-equity ratio of 0.21.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last issued 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). Perma-Pipe International had a return on equity of 15.92% and a net margin of 6.47%.The company had revenue of $50.27 million during the quarter, compared to analysts' expectations of $54.00 million.

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.

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