Perma-Pipe International (NASDAQ:PPIH) Downgraded by Wall Street Zen to "Hold"

Key Points

• Perma-Pipe International (NASDAQ:PPIH) was downgraded from a "strong-buy" to a "hold" rating by analysts at Wall Street Zen.
• As of the last trading session, PPIH shares opened at $23.84, showing a significant price fluctuation with a fifty-two week range of $8.81 to $33.09.
• Institutional investors have increased their positions in Perma-Pipe International, with Bank of America Corp DE raising its holdings by 1,730.8% in the second quarter.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "hold" rating in a note issued to investors on Saturday.

Perma-Pipe International Stock Performance

Shares of NASDAQ PPIH traded down $0.20 during mid-day trading on Friday, hitting $23.16. The company had a trading volume of 19,665 shares, compared to its average volume of 62,060. The company has a market capitalization of $187.32 million, a price-to-earnings ratio of 18.54 and a beta of 0.53. Perma-Pipe International has a 1 year low of $8.81 and a 1 year high of $33.09. The company has a current ratio of 1.88, a quick ratio of 1.64 and a debt-to-equity ratio of 0.05. The stock's 50-day moving average price is $26.66 and its 200-day moving average price is $19.20.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last posted its earnings results on Monday, September 15th. The industrial products company reported $0.10 EPS for the quarter. Perma-Pipe International had a return on equity of 13.92% and a net margin of 5.55%.The business had revenue of $47.90 million during the quarter.

Institutional Investors Weigh In On Perma-Pipe International

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its stake in shares of 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 acquiring an additional 1,125 shares during the last quarter. State of Wyoming bought a new position in Perma-Pipe International during the 4th quarter valued at approximately $77,000. Lazard Asset Management LLC bought a new position in Perma-Pipe International during the 4th quarter valued at approximately $113,000. Jane Street Group LLC bought a new position in Perma-Pipe International during the 4th quarter valued at approximately $178,000. Finally, IMS Capital Management bought a new position in Perma-Pipe International during the 2nd quarter valued at approximately $201,000. Institutional investors own 28.43% of the company's stock.

Perma-Pipe International Company Profile

Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines.