Perma-Pipe International (NASDAQ:PPIH) Cut to Buy at Wall Street Zen

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

Perma-Pipe International Trading Up 1.9%

NASDAQ:PPIH traded up $0.41 during mid-day trading on Friday, hitting $22.50. 95,511 shares of the company's stock were exchanged, compared to its average volume of 33,228. The company has a 50 day simple moving average of $13.25 and a 200-day simple moving average of $14.00. The company has a current ratio of 1.95, a quick ratio of 1.71 and a debt-to-equity ratio of 0.05. Perma-Pipe International has a fifty-two week low of $7.72 and a fifty-two week high of $23.94. The firm has a market capitalization of $179.55 million, a P/E ratio of 14.61 and a beta of 0.27.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last posted its earnings results on Friday, June 13th. The industrial products company reported $0.61 EPS for the quarter. Perma-Pipe International had a net margin of 7.31% and a return on equity of 17.84%. The business had revenue of $46.75 million for the quarter.

Institutional Investors Weigh In On Perma-Pipe International

Hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc acquired a new stake in Perma-Pipe International during the 4th quarter worth approximately $48,000. Jane Street Group LLC bought a new position in Perma-Pipe International during the 4th quarter worth approximately $178,000. American Century Companies Inc. bought a new position in Perma-Pipe International during the 4th quarter worth approximately $474,000. Citadel Advisors LLC raised its holdings in Perma-Pipe International by 116.2% during the 4th quarter. Citadel Advisors LLC now owns 23,886 shares of the industrial products company's stock worth $357,000 after purchasing an additional 12,836 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Perma-Pipe International during the 4th quarter worth approximately $297,000. 28.43% of the stock is currently owned by institutional investors and hedge funds.

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.