Bank of America Corp DE Has $42.44 Million Position in Perimeter Solutions, SA $PRM

Key Points

• Bank of America increased its Perimeter Solutions stake by 4.8% in the first quarter, owning 1.74 million shares worth approximately $42.44 million, or 1.07% of the company. Institutional investors collectively hold 89.93% of PRM shares.
• Perimeter Solutions reported quarterly EPS of $0.35, missing the $0.43 consensus estimate, while revenue of $213.81 million also fell short of expectations. Shares opened at $34.78, up 0.7%, with analysts’ average price target at $41.75 and an overall “Moderate Buy” rating.
• Insiders have been selling shares: executives and major shareholders sold 5.94 million shares worth about $202.9 million over the past quarter, while CEO Haitham Khouri and Windacre Partnership each reduced their holdings.

Bank of America Corp DE increased its position in shares of Perimeter Solutions, SA (NYSE:PRM - Free Report) by 4.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,738,095 shares of the company's stock after buying an additional 79,083 shares during the quarter. Bank of America Corp DE owned 1.07% of Perimeter Solutions worth $42,444,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Arax Advisory Partners grew its stake in shares of Perimeter Solutions by 122.8% during the 4th quarter. Arax Advisory Partners now owns 1,047 shares of the company's stock worth $29,000 after acquiring an additional 577 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Perimeter Solutions by 51.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,143 shares of the company's stock worth $31,000 after purchasing an additional 389 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of Perimeter Solutions in the second quarter worth $42,000. Comerica Bank boosted its holdings in Perimeter Solutions by 45.0% during the first quarter. Comerica Bank now owns 4,267 shares of the company's stock worth $43,000 after purchasing an additional 1,324 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in Perimeter Solutions by 55.7% during the fourth quarter. Larson Financial Group LLC now owns 2,514 shares of the company's stock worth $69,000 after purchasing an additional 899 shares during the last quarter. Institutional investors and hedge funds own 89.93% of the company's stock.

Perimeter Solutions Stock Up 0.7%

Shares of PRM stock opened at $34.78 on Thursday. Perimeter Solutions, SA has a 52-week low of $17.74 and a 52-week high of $38.17. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of -15.60 and a beta of 1.91. The firm's 50-day moving average is $34.42 and its 200-day moving average is $29.68. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.93 and a current ratio of 1.57.

Perimeter Solutions (NYSE:PRM - Get Free Report) last posted 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). The business had revenue of $213.81 million for the quarter, compared to the consensus estimate of $216.89 million. Perimeter Solutions had a positive return on equity of 19.15% and a negative net margin of 44.86%. Sell-side analysts predict that Perimeter Solutions, SA will post 1.58 EPS for the current year.

Analyst Ratings Changes

PRM has been the topic of several analyst reports. Morgan Stanley boosted their price target on shares of Perimeter Solutions from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. UBS Group lifted 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. Zacks Research lowered Perimeter Solutions from a "hold" rating to a "strong sell" rating in a report on Monday. Weiss Ratings upgraded Perimeter Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen cut Perimeter Solutions from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Perimeter Solutions has an average rating of "Moderate Buy" and an average price target of $41.75.

Insider Activity at Perimeter Solutions

In related news, CEO Haitham Khouri sold 117,511 shares of the business's 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 transaction, the chief executive officer directly owned 1,874,615 shares of the company's stock, valued at approximately $58,469,241.85. The trade was a 5.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Windacre Partnership Llc sold 3,393,479 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $34.66, for a total value of $117,617,982.14. Following the completion of the sale, the insider owned 18,461,121 shares in the company, valued at approximately $639,862,453.86. This trade represents a 15.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,935,514 shares of company stock valued at $202,902,090 over the last quarter. 13.10% of the stock is currently owned by corporate insiders.

Perimeter Solutions 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.

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