BlackRock Inc. Invests $11.56 Million in Perma-Pipe International Holdings, Inc. $PPIH

Key Points

• BlackRock acquired a new 5.22% stake in Perma-Pipe International during the second quarter, purchasing 424,428 shares valued at approximately $11.56 million.
• Perma-Pipe reported quarterly EPS of $0.22, below the $0.48 analyst consensus, while revenue of $50.27 million also missed estimates of $54 million.
• The stock recently traded at $28.38, and analysts maintained a consensus “Hold” rating with an average price target of $36.00; institutional investors collectively own 28.43% of the company.

BlackRock Inc. purchased a new stake in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 424,428 shares of the industrial products company's stock, valued at approximately $11,557,000. BlackRock Inc. owned approximately 5.22% of Perma-Pipe International as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PPIH. Bank of America Corp DE raised 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 purchasing an additional 1,125 shares in the last quarter. Global Trust Asset Management LLC acquired a new position in Perma-Pipe International during the first quarter worth $44,000. State of Wyoming increased its position 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. Quadrature Capital Ltd bought a new position in Perma-Pipe International during the fourth quarter valued at about $212,000. Finally, Deutsche Bank AG bought a new position in Perma-Pipe International during the second quarter valued at about $202,000. Institutional investors and hedge funds own 28.43% of the company's stock.

Perma-Pipe International Trading Up 2.9%

NASDAQ:PPIH opened at $28.38 on Friday. The business's 50-day moving average price is $25.98 and its two-hundred day moving average price is $29.12. Perma-Pipe International Holdings, Inc. has a 1-year low of $21.96 and a 1-year high of $36.72. The firm has a market capitalization of $230.73 million, a price-to-earnings ratio of 16.79 and a beta of 0.59. 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 (NASDAQ:PPIH - Get Free Report) last issued its earnings results on Tuesday, June 9th. The industrial products company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.26). 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 the consensus estimate of $54.00 million.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "hold (c+)" rating on shares of Perma-Pipe International in a research note on Friday, August 14th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $36.00.

Perma-Pipe International 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.

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