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

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 report issued to clients and investors on Sunday.

Several other equities analysts also recently weighed in on PRM. CJS Securities initiated coverage on Perimeter Solutions in a report on Tuesday, June 9th. They set a “market outperform” rating and a $48.00 price target for the company. UBS Group upped their price target 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. JPMorgan Chase & Co. assumed coverage on shares of Perimeter Solutions in a research report on Thursday. They set an “overweight” rating and a $50.00 price objective on the stock. Morgan Stanley raised their price objective on shares of Perimeter Solutions from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Zacks Research raised shares of Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Perimeter Solutions has a consensus rating of “Buy” and a consensus price target of $43.00.

Perimeter Solutions Stock Down 2.3%

Shares of PRM stock traded down $0.80 during trading hours on Friday, hitting $34.29. 1,250,988 shares of the company’s stock traded hands, compared to its average volume of 1,833,395. The company has a quick ratio of 1.61, a current ratio of 3.09 and a debt-to-equity ratio of 1.01. The stock’s fifty day simple moving average is $33.27 and its two-hundred day simple moving average is $28.71. Perimeter Solutions has a 12-month low of $15.43 and a 12-month high of $38.17. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of -25.59 and a beta of 1.90.

Perimeter Solutions (NYSE:PRM) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The company had revenue of $125.07 million during the quarter, compared to analyst estimates of $121.80 million. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%. On average, analysts expect that Perimeter Solutions will post 1.78 EPS for the current year.

Insider Buying and Selling at Perimeter Solutions

In other Perimeter Solutions news, insider Jeffrey Emery sold 53,537 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $33.45, for a total value of $1,790,812.65. Following the completion of the sale, the insider owned 53,537 shares in the company, valued at approximately $1,790,812.65. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Windacre Partnership Llc sold 1,875,000 shares of Perimeter Solutions stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $33.90, for a total value of $63,562,500.00. Following the sale, the insider directly owned 16,148,621 shares in the company, valued at $547,438,251.90. This trade represents a 10.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 6,385,514 shares of company stock worth $217,464,393. 13.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Perimeter Solutions

Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in Perimeter Solutions by 15.0% in the 1st 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 during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Perimeter Solutions by 1.9% during the 4th 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 last quarter. Dimensional Fund Advisors LP grew its position in shares of Perimeter Solutions by 4.5% during the third quarter. Dimensional Fund Advisors LP now owns 5,145,141 shares of the company’s stock valued at $115,188,000 after purchasing an additional 221,290 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Perimeter Solutions by 8.6% during the first quarter. Janus Henderson Group PLC now owns 4,007,536 shares of the company’s stock valued at $97,863,000 after purchasing an additional 315,763 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Perimeter Solutions by 3.7% in the fourth 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 last quarter. Institutional investors own 89.93% of the company’s stock.

About Perimeter Solutions

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.