Meros Investment Management LP Acquires New Position in Perma-Pipe International Holdings, Inc. $PPIH

Meros Investment Management LP bought a new position in shares of Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 132,163 shares of the industrial products company’s stock, valued at approximately $3,598,798,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Ritholtz Wealth Management boosted its position in Perma-Pipe International by 3.4% in the 1st quarter. Ritholtz Wealth Management now owns 19,554 shares of the industrial products company’s stock valued at $583,000 after buying an additional 647 shares during the period. State of Wyoming increased its position in shares of Perma-Pipe International by 59.7% during the fourth quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock worth $64,000 after acquiring an additional 786 shares during the period. Bank of America Corp DE raised its stake in shares of Perma-Pipe International by 1,730.8% in the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 1,125 shares in the last quarter. Global Trust Asset Management LLC acquired a new stake in shares of Perma-Pipe International in the first quarter valued at $44,000. Finally, Empowered Funds LLC boosted its holdings in Perma-Pipe International by 8.8% in the first quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company’s stock valued at $250,000 after purchasing an additional 1,626 shares during the period. 28.43% of the stock is currently owned by institutional investors and hedge funds.

Perma-Pipe International Price Performance

Perma-Pipe International stock opened at $26.63 on Wednesday. The stock has a market cap of $216.40 million, a P/E ratio of 15.76 and a beta of 0.58. The company has a fifty day simple moving average of $26.06 and a 200-day simple moving average of $29.35. Perma-Pipe International Holdings, Inc. has a 12-month low of $21.96 and a 12-month high of $36.72. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.21.

Perma-Pipe International (NASDAQ:PPIH) last posted its 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 business had revenue of $50.27 million during the quarter, compared to analysts’ expectations of $54.00 million.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Perma-Pipe International in a research note on Friday, August 14th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Perma-Pipe International presently has a consensus rating of “Hold” and an average 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.