Renaissance Technologies LLC Has $6.23 Million Stock Position in Perma-Pipe International Holdings, Inc. $PPIH

Key Points

• Renaissance Technologies increased its Perma-Pipe International stake by 39.1% in the first quarter, owning 209,093 shares worth approximately $6.23 million, or 2.58% of the company. Institutional investors collectively own 28.43% of PPIH.
• Analyst sentiment is currently cautious: Wall Street Zen and Weiss Ratings downgraded the stock to “Hold,” while the consensus rating remains Hold with a $36.00 price target.
• Perma-Pipe’s latest quarterly results fell short of expectations, with EPS of $0.22 versus a $0.48 consensus estimate and revenue of $50.27 million versus $54.00 million expected.

Renaissance Technologies LLC increased its position in shares of Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Free Report) by 39.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 209,093 shares of the industrial products company's stock after buying an additional 58,800 shares during the quarter. Renaissance Technologies LLC owned 2.58% of Perma-Pipe International worth $6,233,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Ritholtz Wealth Management raised its stake in shares of Perma-Pipe International by 3.4% in the first quarter. Ritholtz Wealth Management now owns 19,554 shares of the industrial products company's stock valued at $583,000 after purchasing an additional 647 shares in the last quarter. State of Wyoming boosted its stake 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 in the last quarter. Bank of America Corp DE increased its holdings in Perma-Pipe International by 1,730.8% in 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 buying an additional 1,125 shares during the period. Global Trust Asset Management LLC acquired a new position in shares of Perma-Pipe International in the 1st quarter valued at $44,000. Finally, Empowered Funds LLC raised its stake in shares of Perma-Pipe International by 8.8% in the 1st quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company's stock valued at $250,000 after buying an additional 1,626 shares in the last quarter. Institutional investors own 28.43% of the company's stock.

Analyst Upgrades and Downgrades

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

Perma-Pipe International Stock Performance

Shares of Perma-Pipe International stock opened at $25.69 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.31 and a quick ratio of 2.02. The firm has a market cap of $208.86 million, a P/E ratio of 15.20 and a beta of 0.58. The firm has a 50 day simple moving average of $26.96 and a 200 day simple moving average of $29.77. Perma-Pipe International Holdings, Inc. has a fifty-two week low of $21.96 and a fifty-two week high of $36.72.

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 net margin of 6.47% and a return on equity of 15.92%. The business had revenue of $50.27 million during the quarter, compared to the consensus estimate of $54.00 million.

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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