Perma-Pipe International (NASDAQ:PPIH) Given New $38.00 Price Target at Freedom Broker

Perma-Pipe International (NASDAQ:PPIH) had its price objective boosted by analysts at Freedom Broker from $29.55 to $38.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Freedom Broker’s price objective would suggest a potential upside of 21.72% from the company’s previous close.

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

Perma-Pipe International Trading Up 6.3%

NASDAQ:PPIH traded up $1.85 on Friday, hitting $31.22. The stock had a trading volume of 43,724 shares, compared to its average volume of 101,624. The company has a fifty day moving average price of $26.19 and a two-hundred day moving average price of $28.99. Perma-Pipe International has a 1-year low of $21.96 and a 1-year high of $36.72. The company has a quick ratio of 2.02, a current ratio of 2.31 and a debt-to-equity ratio of 0.21. The stock 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 announced its quarterly 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 for the quarter, compared to analyst estimates 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

A number of large investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its holdings in shares of Perma-Pipe International by 1,730.8% in the 2nd quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 1,125 shares during the last quarter. Global Trust Asset Management LLC acquired a new position in Perma-Pipe International in the 1st quarter valued at about $44,000. State of Wyoming grew its position in Perma-Pipe International by 59.7% in the 4th quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock valued at $64,000 after acquiring an additional 786 shares in the last quarter. California State Teachers Retirement System purchased a new stake in Perma-Pipe International during the second quarter worth about $76,000. Finally, Deutsche Bank AG purchased a new stake in Perma-Pipe International during the second quarter worth about $202,000. Institutional investors and hedge funds own 28.43% of the company’s stock.

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.