Perma-Pipe International (NASDAQ:PPIH) Releases Quarterly Earnings Results

Key Points

• Perma-Pipe International reported a quarterly earnings per share (EPS) of $0.10 with a net margin of 7.31% and return on equity of 17.84%.
• The company's stock traded down to $26.10, with significant trading volume of 851,269 shares exchanged, far exceeding its average volume of 54,983.
• Wall Street analysts upgraded Perma-Pipe International's stock rating from a "buy" to a "strong-buy" as of June 22nd, indicating positive market sentiment.

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

Perma-Pipe International Stock Up 4.4%

NASDAQ PPIH traded up $1.01 on Friday, hitting $23.84. 239,082 shares of the stock were exchanged, compared to its average volume of 204,195. The company has a 50-day moving average price of $26.66 and a 200-day moving average price of $19.07. The company has a quick ratio of 1.72, a current ratio of 1.88 and a debt-to-equity ratio of 0.05. The company has a market cap of $192.87 million, a PE ratio of 19.23 and a beta of 0.54. Perma-Pipe International has a fifty-two week low of $8.81 and a fifty-two week high of $33.09.

Hedge Funds Weigh In On Perma-Pipe International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PPIH. Bank of America Corp DE boosted its holdings in Perma-Pipe International by 1,730.8% in the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 1,125 shares in the last quarter. Jane Street Group LLC boosted its holdings in Perma-Pipe International by 55.2% in the first quarter. Jane Street Group LLC now owns 18,505 shares of the industrial products company's stock valued at $230,000 after purchasing an additional 6,583 shares in the last quarter. Empowered Funds LLC boosted its holdings in Perma-Pipe International by 8.8% in the first quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company's stock valued at $250,000 after purchasing an additional 1,626 shares in the last quarter. Gamco Investors INC. ET AL acquired a new position in Perma-Pipe International in the second quarter valued at approximately $283,000. Finally, 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 in the last quarter. 28.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Perma-Pipe International from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 22nd.

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.