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

Shares of Perimeter Solutions, SA (NYSE:PRM) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.50 and last traded at $34.4220, with a volume of 407949 shares traded. The stock had previously closed at $33.91.

Analysts Set New Price Targets

A number of analysts recently commented on the company. UBS Group boosted their target price on Perimeter Solutions from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Perimeter Solutions from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research raised Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 14th. Weiss Ratings upgraded Perimeter Solutions from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday. Finally, Morgan Stanley increased their target price on Perimeter Solutions from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Perimeter Solutions has an average rating of “Moderate Buy” and an average target price of $37.00.

Perimeter Solutions Stock Down 2.3%

The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.42 and a current ratio of 3.09. The stock’s fifty day moving average is $26.41 and its two-hundred day moving average is $26.64. The company has a market cap of $5.42 billion, a price-to-earnings ratio of -24.78 and a beta of 1.93.

Perimeter Solutions (NYSE:PRM) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.04. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%.The business had revenue of $125.07 million during the quarter, compared to analyst estimates of $121.80 million. Sell-side analysts predict that Perimeter Solutions, SA will post 1.91 earnings per share for the current fiscal year.

Insider Transactions at Perimeter Solutions

In other news, Director William N. Thorndike, Jr. sold 125,000 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $23.37, for a total transaction of $2,921,250.00. Following the completion of the transaction, the director owned 8,735,656 shares in the company, valued at approximately $204,152,280.72. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kyle Sable sold 150,000 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $31.52, for a total value of $4,728,000.00. Following the completion of the sale, the chief financial officer owned 20,000 shares in the company, valued at $630,400. This represents a 88.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 900,000 shares of company stock worth $25,285,053. 13.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Perimeter Solutions

Several large investors have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in shares of Perimeter Solutions by 15.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,513,159 shares of the company’s stock valued at $305,572,000 after buying an additional 1,634,158 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Perimeter Solutions by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 8,570,699 shares of the company’s stock worth $235,951,000 after acquiring an additional 156,788 shares in the last quarter. Dimensional Fund Advisors LP lifted 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 worth $115,188,000 after acquiring an additional 221,290 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Perimeter Solutions by 54.9% in the fourth quarter. Janus Henderson Group PLC now owns 3,691,773 shares of the company’s stock worth $101,634,000 after acquiring an additional 1,308,602 shares during the period. Finally, Geode Capital Management LLC boosted 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 acquiring an additional 122,435 shares during the period. Hedge funds and other 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.