Perimeter Solutions (NYSE:PRM) Given New $40.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Perimeter Solutions’ price target from $45 to $40 while maintaining an “overweight” rating, implying 47.09% upside from the prior close.
• Analyst sentiment is mixed: the consensus rating is “Hold,” with an average price target of $41.50, while recent actions included downgrades from Zacks Research and Wall Street Zen.
• Perimeter Solutions reported quarterly EPS of $0.35, below the $0.43 estimate, and revenue of $213.81 million versus $216.89 million expected. The stock recently traded at $27.20, with institutional investors owning 89.93% of shares.

Perimeter Solutions (NYSE:PRM - Get Free Report) had its price objective lowered by JPMorgan Chase & Co. from $45.00 to $40.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 47.09% from the stock's previous close.

Other analysts have also issued research reports about the stock. Zacks Research lowered shares of Perimeter Solutions from a "hold" rating to a "strong sell" rating in a research report on Monday, August 10th. UBS Group decreased their price objective on shares of Perimeter Solutions from $42.00 to $38.00 and set a "buy" rating for the company in a research report on Tuesday, September 29th. Wall Street Zen lowered shares of Perimeter Solutions from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings lowered Perimeter Solutions from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, September 28th. Four research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $41.50.

Perimeter Solutions Stock Performance

NYSE:PRM traded up $0.10 during trading hours on Tuesday, reaching $27.20. The company had a trading volume of 418,896 shares, compared to its average volume of 1,303,616. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.57 and a quick ratio of 0.93. Perimeter Solutions has a 1-year low of $19.70 and a 1-year high of $38.17. The business's 50 day moving average price is $30.98 and its 200-day moving average price is $31.30. The firm has a market cap of $4.45 billion, a PE ratio of -12.19 and a beta of 1.92.

Perimeter Solutions (NYSE:PRM - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $213.81 million for the quarter, compared to analyst estimates of $216.89 million. Research analysts forecast that Perimeter Solutions will post 1.54 EPS for the current year.

Hedge Funds Weigh In On Perimeter Solutions

Hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings 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 worth $305,572,000 after buying an additional 1,634,158 shares in the last quarter. Wellington Management Group LLP purchased a new position in Perimeter Solutions in the 2nd quarter worth approximately $22,162,000. Renaissance Technologies LLC lifted its stake in Perimeter Solutions by 2,744.1% in the 1st quarter. Renaissance Technologies LLC now owns 591,257 shares of the company's stock worth $14,438,000 after purchasing an additional 570,468 shares in the last quarter. Weitz Investment Management Inc. acquired a new position in shares of Perimeter Solutions during the 2nd quarter worth approximately $16,072,000. Finally, Bessemer Group Inc. boosted its holdings in shares of Perimeter Solutions by 61.2% during the 1st quarter. Bessemer Group Inc. now owns 1,064,925 shares of the company's stock worth $26,006,000 after purchasing an additional 404,417 shares during the last quarter. Hedge funds and other institutional investors own 89.93% of the company's stock.

Perimeter Solutions Company Profile

Perimeter Solutions, Inc NYSE: PRM is a global manufacturer of fire safety products and specialty chemicals. The company serves government agencies, industrial customers and other commercial markets through two primary business areas: fire safety and specialty chemicals.

Its fire safety portfolio includes PHOS-CHEK wildland fire retardants and fire suppression products, as well as SOLBERG firefighting foams used in applications such as airports, industrial facilities, marine operations and other high-risk environments.

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