Empowered Funds LLC Makes New Investment in Perma-Pipe International Holdings, Inc. $PPIH

Empowered Funds LLC bought a new stake in shares of Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 32,097 shares of the industrial products company’s stock, valued at approximately $874,000.

Other institutional investors have also recently bought and sold shares of the company. Royce & Associates LP lifted its holdings in shares of Perma-Pipe International by 62.9% in the fourth quarter. Royce & Associates LP now owns 149,253 shares of the industrial products company’s stock valued at $4,531,000 after purchasing an additional 57,655 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 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 purchasing an additional 85,218 shares during the period. Renaissance Technologies LLC grew its position in Perma-Pipe International by 39.1% during the first quarter. Renaissance Technologies LLC now owns 209,093 shares of the industrial products company’s stock valued at $6,233,000 after purchasing an additional 58,800 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Perma-Pipe International during the first quarter valued at approximately $1,265,000. Finally, Meros Investment Management LP acquired a new position in Perma-Pipe International in the 2nd quarter valued at approximately $3,598,798. Hedge funds and other institutional investors own 28.43% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Perma-Pipe International in a research note on Friday, August 14th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $36.00.

Perma-Pipe International Stock Performance

Shares of NASDAQ:PPIH opened at $28.38 on Friday. Perma-Pipe International Holdings, Inc. has a fifty-two week low of $21.96 and a fifty-two week high of $36.72. The stock has a market capitalization of $230.73 million, a price-to-earnings ratio of 16.79 and a beta of 0.59. The business’s fifty day moving average price is $25.98 and its two-hundred day moving average price is $29.12. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.31 and a quick ratio of 2.02.

Perma-Pipe International (NASDAQ:PPIH) last released its quarterly earnings results on Tuesday, June 9th. The industrial products company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.26). Perma-Pipe International had a net margin of 6.47% and a return on equity of 15.92%. The company had revenue of $50.27 million for the quarter, compared to the consensus estimate of $54.00 million.

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.