Perma-Pipe International (NASDAQ:PPIH) Lowered to Hold Rating by Wall Street Zen

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 stock analysts at Wall Street Zen from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Perma-Pipe International Trading Up 4.4%

PPIH stock traded up $1.01 during trading on Friday, reaching $23.84. 239,082 shares of the stock traded hands, compared to its average volume of 204,195. The business's 50 day moving average price is $26.66 and its 200-day moving average price is $19.11. Perma-Pipe International has a 52-week low of $8.81 and a 52-week high of $33.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.72. The firm has a market capitalization of $192.96 million, a PE ratio of 19.23 and a beta of 0.54.

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

Institutional Investors Weigh In On Perma-Pipe International

Institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. boosted its position in shares of Perma-Pipe International by 1,960.8% in the first quarter. Raymond James Financial Inc. now owns 657,501 shares of the industrial products company's stock worth $8,173,000 after buying an additional 625,596 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Perma-Pipe International by 4.4% in the second quarter. Bridgeway Capital Management LLC now owns 64,422 shares of the industrial products company's stock valued at $1,473,000 after purchasing an additional 2,711 shares during the last quarter. American Century Companies Inc. boosted its holdings in Perma-Pipe International by 81.3% in the first quarter. American Century Companies Inc. now owns 57,465 shares of the industrial products company's stock valued at $714,000 after purchasing an additional 25,763 shares during the last quarter. Ellsworth Advisors LLC purchased a new position in Perma-Pipe International in the first quarter valued at about $581,000. Finally, Truffle Hound Capital LLC purchased a new position in Perma-Pipe International in the second quarter valued at about $938,000. Hedge funds and other institutional investors own 28.43% of the company's stock.

About Perma-Pipe International

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.