Perma-Pipe International (NASDAQ:PPIH) Price Target Raised to $38.00

Perma-Pipe International (NASDAQ:PPIH) had its target price upped by Freedom Broker from $29.55 to $38.00 in a research note issued to investors on Friday morning,Benzinga reports. Freedom Broker currently has a buy rating on the industrial products company’s stock.

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Perma-Pipe International in a research report on Friday, August 14th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Perma-Pipe International Stock Performance

NASDAQ PPIH opened at $30.91 on Friday. The firm has a market cap of $253.46 million, a P/E ratio of 16.27 and a beta of 0.59. The company has a quick ratio of 1.92, a current ratio of 2.19 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $26.29 and its 200-day moving average is $28.97. Perma-Pipe International has a 12-month low of $21.96 and a 12-month high of $36.72.

Perma-Pipe International (NASDAQ:PPIH) last released its quarterly earnings data on Wednesday, September 9th. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.24). Perma-Pipe International had a return on equity of 21.58% and a net margin of 6.89%.The business had revenue of $59.57 million during the quarter, compared to the consensus estimate of $51.20 million.

Institutional Investors Weigh In On Perma-Pipe International

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Perma-Pipe International in the second quarter valued at approximately $11,557,000. Meros Investment Management LP bought a new stake in Perma-Pipe International during the 2nd quarter worth approximately $3,598,798. Invesco Ltd. bought a new stake in Perma-Pipe International during the 4th quarter worth approximately $2,914,000. Arrowstreet Capital Limited Partnership lifted its stake in Perma-Pipe International by 122.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 154,784 shares of the industrial products company’s stock worth $4,614,000 after purchasing an additional 85,218 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Perma-Pipe International by 39.1% in the 1st quarter. Renaissance Technologies LLC now owns 209,093 shares of the industrial products company’s stock worth $6,233,000 after purchasing an additional 58,800 shares in the last quarter. 28.43% of the stock is owned by hedge funds and other institutional investors.

Perma-Pipe International Company 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.