683 Capital Management LLC Acquires New Shares in Perma-Pipe International Holdings, Inc. $PPIH

683 Capital Management LLC acquired a new stake in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 36,954 shares of the industrial products company’s stock, valued at approximately $1,122,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Royce & Associates LP acquired a new position in Perma-Pipe International in the third quarter valued at about $2,146,000. JPMorgan Chase & Co. grew its stake in Perma-Pipe International by 1,595.6% in the third quarter. JPMorgan Chase & Co. now owns 30,419 shares of the industrial products company’s stock valued at $713,000 after acquiring an additional 28,625 shares during the period. Cannell Capital LLC grew its stake in Perma-Pipe International by 29.0% in the third quarter. Cannell Capital LLC now owns 121,170 shares of the industrial products company’s stock valued at $2,839,000 after acquiring an additional 27,259 shares during the period. Evernest Financial Advisors LLC acquired a new position in Perma-Pipe International in the third quarter valued at about $389,000. Finally, Ritholtz Wealth Management grew its stake in Perma-Pipe International by 3.8% in the fourth quarter. Ritholtz Wealth Management now owns 18,907 shares of the industrial products company’s stock valued at $574,000 after acquiring an additional 687 shares during the period. Institutional investors own 28.43% of the company’s stock.

Perma-Pipe International Stock Up 2.2%

NASDAQ:PPIH opened at $27.31 on Thursday. 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 $222.03 million, a PE ratio of 16.16 and a beta of 0.54. Perma-Pipe International Holdings, Inc. has a 52-week low of $20.21 and a 52-week high of $36.72. The stock has a 50-day simple moving average of $31.34 and a 200 day simple moving average of $30.92.

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

Analyst Ratings Changes

A number of research analysts have issued reports on PPIH shares. Wall Street Zen cut Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings cut Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” 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.