Perimeter Solutions (NYSE:PRM) Downgraded by Wall Street Zen to Hold

Perimeter Solutions (NYSE:PRM) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday.

PRM has been the subject of a number of other reports. UBS Group lifted their price objective on shares of Perimeter Solutions from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Zacks Research upgraded Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. Weiss Ratings raised Perimeter Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. assumed coverage on Perimeter Solutions in a research report on Thursday. They set an “overweight” rating and a $50.00 price objective on the stock. Finally, CJS Securities assumed coverage on Perimeter Solutions in a research note on Tuesday, June 9th. They issued a “market outperform” rating and a $48.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Perimeter Solutions has a consensus rating of “Buy” and a consensus target price of $43.00.

Perimeter Solutions Price Performance

Shares of NYSE PRM traded down $0.80 during midday trading on Friday, reaching $34.29. 1,250,988 shares of the stock traded hands, compared to its average volume of 1,833,395. The company’s 50 day moving average is $33.27 and its 200 day moving average is $28.71. Perimeter Solutions has a one year low of $15.43 and a one year high of $38.17. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.09 and a quick ratio of 1.61. The stock has a market capitalization of $5.59 billion, a PE ratio of -25.59 and a beta of 1.90.

Perimeter Solutions (NYSE:PRM) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.04. The company had revenue of $125.07 million for the quarter, compared to analysts’ expectations of $121.80 million. Perimeter Solutions had a negative net margin of 26.93% and a positive return on equity of 18.29%. On average, equities research analysts anticipate that Perimeter Solutions will post 1.78 earnings per share for the current year.

Insider Activity at Perimeter Solutions

In other news, CFO Kyle Sable sold 49,540 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $33.09, for a total transaction of $1,639,278.60. Following the completion of the sale, the chief financial officer directly owned 49,540 shares of the company’s stock, valued at approximately $1,639,278.60. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Windacre Partnership Llc sold 1,875,000 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $33.90, for a total transaction of $63,562,500.00. Following the completion of the transaction, the insider owned 16,148,621 shares in the company, valued at approximately $547,438,251.90. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,385,514 shares of company stock valued at $217,464,393 over the last ninety days. Company insiders own 13.10% of the company’s stock.

Hedge Funds Weigh In On Perimeter Solutions

A number of institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in shares of Perimeter Solutions by 15.0% during the first quarter. Principal Financial Group Inc. now owns 12,513,159 shares of the company’s stock valued at $305,572,000 after acquiring an additional 1,634,158 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Perimeter Solutions by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 8,570,699 shares of the company’s stock valued at $235,951,000 after purchasing an additional 156,788 shares during the period. Dimensional Fund Advisors LP grew its stake in Perimeter Solutions by 4.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,145,141 shares of the company’s stock worth $115,188,000 after purchasing an additional 221,290 shares in the last quarter. Janus Henderson Group PLC grew its stake in Perimeter Solutions by 8.6% in the first quarter. Janus Henderson Group PLC now owns 4,007,536 shares of the company’s stock worth $97,863,000 after purchasing an additional 315,763 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Perimeter Solutions by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,421,820 shares of the company’s stock worth $94,218,000 after purchasing an additional 122,435 shares during the period. 89.93% of the stock is owned by hedge funds and other institutional investors.

Perimeter Solutions Company Profile

Perimeter Solutions Ltd. (NYSE: PRM) is a global specialty chemicals company focused on delivering performance-driven solutions for the oil and gas, coatings, plastics, water treatment and packaging markets. Established as an independent publicly traded company in December 2019 following its spin-off from NewMarket Corporation, Perimeter Solutions has positioned itself as a leading provider of highly engineered chemical products designed to optimize upstream oil recovery, protect infrastructure and enhance the performance of industrial processes.

The company’s core product portfolio spans several key segments.