Perimeter Solutions (NYSE:PRM) Hits New 1-Year High – Here’s What Happened

Perimeter Solutions, SA (NYSE:PRM)’s stock price reached a new 52-week high on Friday . The company traded as high as $38.17 and last traded at $37.7460, with a volume of 41693 shares traded. The stock had previously closed at $37.35.

Analysts Set New Price Targets

PRM has been the subject of a number of recent research reports. Weiss Ratings raised shares of Perimeter Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. CJS Securities started coverage on shares of Perimeter Solutions in a research note on Tuesday, June 9th. They set a “market outperform” rating and a $48.00 target price for the company. Morgan Stanley lifted their target price on shares of Perimeter Solutions from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Zacks Research cut Perimeter Solutions from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. cut their price target on Perimeter Solutions from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Perimeter Solutions has a consensus rating of “Moderate Buy” and an average target price of $41.75.

Perimeter Solutions Stock Down 0.0%

The company’s 50 day simple moving average is $34.13 and its 200-day simple moving average is $29.50. The company has a current ratio of 1.57, a quick ratio of 1.61 and a debt-to-equity ratio of 1.19. The firm has a market cap of $6.11 billion, a P/E ratio of -16.75 and a beta of 1.91.

Perimeter Solutions (NYSE:PRM) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). Perimeter Solutions had a positive return on equity of 19.15% and a negative net margin of 44.86%.The company had revenue of $213.81 million during the quarter, compared to the consensus estimate of $216.89 million. Research analysts forecast that Perimeter Solutions, SA will post 1.58 earnings per share for the current fiscal year.

Insider Transactions at Perimeter Solutions

In other Perimeter Solutions news, CFO Kyle Sable sold 49,540 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $33.09, for a total value of $1,639,278.60. Following the transaction, the chief financial officer owned 49,540 shares of the company’s stock, valued at approximately $1,639,278.60. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Haitham Khouri sold 117,511 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $31.19, for a total transaction of $3,665,168.09. Following the completion of the transaction, the chief executive officer owned 1,874,615 shares in the company, valued at $58,469,241.85. This trade represents a 5.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,189,014 shares of company stock worth $211,248,393 in the last three months. 13.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Perimeter Solutions

Hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. purchased a new position in Perimeter Solutions during the second quarter valued at $26,000. Arax Advisory Partners grew its holdings in Perimeter Solutions by 122.8% during the fourth quarter. Arax Advisory Partners now owns 1,047 shares of the company’s stock valued at $29,000 after purchasing an additional 577 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Perimeter Solutions by 51.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,143 shares of the company’s stock valued at $31,000 after purchasing an additional 389 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in Perimeter Solutions in the second quarter worth about $42,000. Finally, Comerica Bank increased its position in Perimeter Solutions by 45.0% in the first quarter. Comerica Bank now owns 4,267 shares of the company’s stock worth $43,000 after buying an additional 1,324 shares in 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.