Renaissance Technologies LLC lifted its position in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH – Free Report) by 39.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 209,093 shares of the industrial products company’s stock after buying an additional 58,800 shares during the period. Renaissance Technologies LLC’s holdings in Perma-Pipe International were worth $6,233,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership lifted its holdings in Perma-Pipe International by 122.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 154,784 shares of the industrial products company’s stock worth $4,614,000 after acquiring an additional 85,218 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Perma-Pipe International by 100.0% in the first quarter. Sei Investments Co. now owns 24,870 shares of the industrial products company’s stock worth $741,000 after acquiring an additional 12,435 shares in the last quarter. State of Wyoming raised its position in shares of Perma-Pipe International by 62.7% during the first quarter. State of Wyoming now owns 3,421 shares of the industrial products company’s stock worth $102,000 after purchasing an additional 1,319 shares during the period. Hillsdale Investment Management Inc. bought a new position in shares of Perma-Pipe International during the 1st quarter valued at about $337,000. Finally, Global Trust Asset Management LLC bought a new position in shares of Perma-Pipe International during the 1st quarter valued at about $44,000. Institutional investors and hedge funds own 28.43% of the company’s stock.
Wall Street Analyst Weigh In
PPIH has been the subject of several research analyst reports. Weiss Ratings lowered Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 19th. Wall Street Zen downgraded shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a report on Saturday, April 18th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $36.00.
Perma-Pipe International Price Performance
PPIH stock opened at $25.69 on Wednesday. The stock has a 50-day moving average price of $26.96 and a two-hundred day moving average price of $29.77. The stock has a market cap of $208.86 million, a PE ratio of 15.20 and a beta of 0.58. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.21. Perma-Pipe International Holdings, Inc. has a 1 year low of $21.96 and a 1 year high of $36.72.
Perma-Pipe International (NASDAQ:PPIH – Get Free Report) last released its quarterly earnings results on Tuesday, June 9th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.26). The firm had revenue of $50.27 million during the quarter, compared to analyst estimates of $54.00 million. Perma-Pipe International had a net margin of 6.47% and a return on equity of 15.92%.
Perma-Pipe International Profile
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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