Perma-Pipe International (NASDAQ:PPIH) Stock Price Expected to Rise, Freedom Broker Analyst Says

Perma-Pipe International (NASDAQ:PPIH) had its price target increased by equities research analysts at Freedom Broker from $29.55 to $38.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Freedom Broker’s price target suggests a potential upside of 21.72% from the stock’s current price.

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

Perma-Pipe International Stock Performance

PPIH stock traded up $1.85 during trading on Friday, reaching $31.22. The company had a trading volume of 43,724 shares, compared to its average volume of 101,624. Perma-Pipe International has a twelve month low of $21.96 and a twelve month high of $36.72. The firm has a 50-day simple moving average of $26.19 and a 200-day simple moving average of $28.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.02 and a current ratio of 2.31. The company has a market cap of $253.81 million, a price-to-earnings ratio of 16.61 and a beta of 0.59.

Perma-Pipe International (NASDAQ:PPIH) last issued its earnings results on Wednesday, September 9th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.24). The firm had revenue of $59.57 million during the quarter, compared to analysts’ expectations of $51.20 million. Perma-Pipe International had a return on equity of 21.81% and a net margin of 6.89%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Perma-Pipe International in the second quarter valued at approximately $11,557,000. Meros Investment Management LP acquired a new position in Perma-Pipe International during the second quarter worth $3,598,798. Invesco Ltd. purchased a new stake in Perma-Pipe International in the 4th quarter valued at $2,914,000. Arrowstreet Capital Limited Partnership grew its holdings 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 valued at $4,614,000 after buying an additional 85,218 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of 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 acquiring an additional 58,800 shares during the last quarter. 28.43% of the stock is currently owned by institutional investors and hedge funds.

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.