Cannell Capital LLC Raises Stock Position in Perma-Pipe International Holdings, Inc. $PPIH

Cannell Capital LLC boosted its stake in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) by 29.0% in the third quarter, HoldingsChannel reports. The firm owned 121,170 shares of the industrial products company’s stock after acquiring an additional 27,259 shares during the period. Cannell Capital LLC’s holdings in Perma-Pipe International were worth $2,839,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PPIH. Wolverine Trading LLC purchased a new position in shares of Perma-Pipe International in the 3rd quarter worth $354,000. UBS Group AG lifted its holdings in Perma-Pipe International by 7,873.9% in the third quarter. UBS Group AG now owns 26,234 shares of the industrial products company’s stock valued at $615,000 after acquiring an additional 25,905 shares during the period. Russell Investments Group Ltd. bought a new position in Perma-Pipe International in the third quarter valued at about $805,000. Dimensional Fund Advisors LP boosted its position in Perma-Pipe International by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 478,988 shares of the industrial products company’s stock worth $11,222,000 after purchasing an additional 2,463 shares during the last quarter. Finally, Evernest Financial Advisors LLC purchased a new position in Perma-Pipe International in the third quarter worth about $389,000. 28.43% of the stock is owned by institutional investors.

Perma-Pipe International Trading Up 0.3%

Shares of Perma-Pipe International stock opened at $28.11 on Friday. Perma-Pipe International Holdings, Inc. has a fifty-two week low of $8.81 and a fifty-two week high of $36.48. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.53 and a current ratio of 1.76. The company has a market capitalization of $227.41 million, a P/E ratio of 16.54 and a beta of 0.49. The company has a fifty day moving average of $31.26 and a 200 day moving average of $28.82.

Perma-Pipe International (NASDAQ:PPIH) last posted its quarterly earnings results on Friday, December 12th. The industrial products company reported $0.77 EPS for the quarter. The business had revenue of $61.15 million for the quarter. Perma-Pipe International had a return on equity of 18.12% and a net margin of 6.91%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PPIH shares. Weiss Ratings raised shares of Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Loop Capital set a $36.00 price objective on shares of Perma-Pipe International in a report on Tuesday, December 16th. Finally, Wall Street Zen upgraded shares of Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a research report on Saturday, December 13th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $36.00.

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.