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

Key Points

• Wall Street Zen downgraded Perma-Pipe from a "strong-buy" to a "hold," while Weiss Ratings upgraded the stock to a "buy"; the shares still carry a consensus Buy rating with a $36 analyst target.
• Perma-Pipe beat quarterly EPS estimates ($0.60 vs. $0.44) with revenue roughly in line, but the stock dropped about 6.3% and trades near $30 with a market cap around $245 million and a P/E of ~14.6.

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

Separately, Weiss Ratings upgraded shares of Perma-Pipe International from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $36.00.

Perma-Pipe International Stock Down 6.3%

NASDAQ:PPIH opened at $30.31 on Friday. The firm has a market capitalization of $245.21 million, a P/E ratio of 14.57 and a beta of 0.57. Perma-Pipe International has a 1-year low of $11.22 and a 1-year high of $36.72. The company's fifty day moving average price is $31.20 and its 200-day moving average price is $29.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.76 and a quick ratio of 1.53.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The industrial products company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $55.13 million for the quarter, compared to analyst estimates of $55.00 million. Perma-Pipe International had a net margin of 8.08% and a return on equity of 20.96%.

Institutional Trading of Perma-Pipe International

Several institutional investors have recently modified their holdings of PPIH. Royce & Associates LP purchased a new position in shares of Perma-Pipe International in the third quarter worth about $2,146,000. Ritholtz Wealth Management purchased a new position in shares of Perma-Pipe International in the third quarter worth about $427,000. Cannell Capital LLC lifted its stake in shares of Perma-Pipe International by 29.0% in the third quarter. Cannell Capital LLC now owns 121,170 shares of the industrial products company's stock worth $2,839,000 after buying an additional 27,259 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Perma-Pipe International by 1,595.6% in the third quarter. JPMorgan Chase & Co. now owns 30,419 shares of the industrial products company's stock worth $713,000 after buying an additional 28,625 shares in the last quarter. Finally, Evernest Financial Advisors LLC purchased a new position in shares of Perma-Pipe International in the third quarter worth about $389,000. Institutional investors and hedge funds own 28.43% of the company's stock.

About Perma-Pipe International

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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