Lazard Asset Management LLC Acquires Shares of 42,448 Perma-Pipe International Holdings, Inc. $PPIH

Key Points

• Lazard Asset Management initiated a position of 42,448 Perma-Pipe International shares worth approximately $1.27 million, representing 0.52% of the company. Other institutional investors, including Renaissance Technologies and Arrowstreet Capital, also increased their holdings.
• Analyst sentiment is cautious: ratings were downgraded to “Hold,” with one analyst covering the stock and an average price target of $36.00.
• Perma-Pipe reported quarterly EPS of $0.22, missing the $0.48 consensus estimate, while revenue of $50.27 million fell short of the $54.00 million forecast. Shares opened at $25.69, within a 12-month range of $21.96 to $36.72.

Lazard Asset Management LLC bought a new position in shares of Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 42,448 shares of the industrial products company's stock, valued at approximately $1,265,000. Lazard Asset Management LLC owned 0.52% of Perma-Pipe International as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 2,463 shares in the last quarter. Vanguard Group Inc. raised its holdings in Perma-Pipe International by 4.7% during the 3rd quarter. Vanguard Group Inc. now owns 350,705 shares of the industrial products company's stock valued at $8,217,000 after acquiring an additional 15,668 shares during the period. Renaissance Technologies LLC lifted its position in shares of Perma-Pipe International by 39.1% during the first quarter. Renaissance Technologies LLC now owns 209,093 shares of the industrial products company's stock worth $6,233,000 after acquiring an additional 58,800 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Perma-Pipe International by 122.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 154,784 shares of the industrial products company's stock worth $4,614,000 after acquiring an additional 85,218 shares in the last quarter. Finally, Royce & Associates LP boosted its holdings in shares of Perma-Pipe International by 62.9% in the fourth quarter. Royce & Associates LP now owns 149,253 shares of the industrial products company's stock worth $4,531,000 after acquiring an additional 57,655 shares during the period. Institutional investors own 28.43% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Weiss Ratings lowered 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 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, According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $36.00.

Perma-Pipe International Trading Up 4.2%

Shares of PPIH stock opened at $25.69 on Wednesday. The business has a 50-day moving average price of $26.96 and a two-hundred day moving average price of $29.77. Perma-Pipe International Holdings, Inc. has a 12-month low of $21.96 and a 12-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. The firm has a market cap of $208.86 million, a P/E ratio of 15.20 and a beta of 0.58.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last announced its quarterly earnings data on Tuesday, June 9th. The industrial products company reported $0.22 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.26). The firm had revenue of $50.27 million for the quarter, compared to analysts' expectations of $54.00 million. Perma-Pipe International had a net margin of 6.47% and a return on equity of 15.92%.

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.

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