Corient Private Wealth LP Sells 717,082 Shares of Perimeter Solutions, SA $PRM

Key Points

• Corient Private Wealth cut its Perimeter Solutions stake by 37.7%, selling 717,082 shares in the second quarter and retaining 1.18 million shares valued at approximately $42.2 million.
• Institutional ownership remains high at 89.93%, though insider selling has also been significant: insiders sold 5.7 million shares worth about $195.6 million over the past 90 days.
• Perimeter Solutions reported quarterly EPS of $0.35, below the $0.43 consensus estimate, while analysts’ average rating is Hold with an average price target of $41.75; PRM recently opened at $31.67.

Corient Private Wealth LP reduced its stake in Perimeter Solutions, SA (NYSE:PRM - Free Report) by 37.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,183,896 shares of the company's stock after selling 717,082 shares during the period. Corient Private Wealth LP owned about 0.72% of Perimeter Solutions worth $42,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. California State Teachers Retirement System lifted its stake in Perimeter Solutions by 3,567.3% in the 2nd quarter. California State Teachers Retirement System now owns 6,027,096 shares of the company's stock valued at $214,866,000 after purchasing an additional 5,862,750 shares during the last quarter. Balance Capital Partners L.P. bought a new stake in shares of Perimeter Solutions during the fourth quarter worth $69,115,000. Principal Financial Group Inc. grew its stake 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 during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Perimeter Solutions by 54.9% during the fourth quarter. Janus Henderson Group PLC now owns 3,691,773 shares of the company's stock worth $101,634,000 after buying an additional 1,308,602 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Perimeter Solutions by 157.3% during the fourth quarter. Invesco Ltd. now owns 1,294,686 shares of the company's stock worth $35,643,000 after buying an additional 791,558 shares in the last quarter. 89.93% of the stock is owned by institutional investors.

Perimeter Solutions Stock Performance

Shares of PRM stock opened at $31.67 on Friday. The stock has a market capitalization of $5.18 billion, a PE ratio of -14.20 and a beta of 1.90. The business's 50 day simple moving average is $33.03 and its 200 day simple moving average is $30.41. 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, SA has a one year low of $19.70 and a one year high of $38.17.

Perimeter Solutions (NYSE:PRM - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.08). The firm 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%. As a group, research analysts forecast that Perimeter Solutions, SA will post 1.54 earnings per share for the current year.

Insider Buying and Selling at Perimeter Solutions

In related news, major shareholder Windacre Partnership Llc sold 1,875,000 shares of Perimeter Solutions stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $33.90, for a total transaction of $63,562,500.00. Following the completion of the transaction, the insider owned 16,148,621 shares of the company's stock, valued at $547,438,251.90. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 5,705,979 shares of company stock worth $195,617,982 in the last ninety days. Corporate insiders own 13.10% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PRM shares. Zacks Research downgraded Perimeter Solutions from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. JPMorgan Chase & Co. lowered their target price on Perimeter Solutions from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Wall Street Zen cut Perimeter Solutions from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Weiss Ratings downgraded Perimeter Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Finally, CJS Securities assumed coverage on Perimeter Solutions in a research note on Tuesday, June 9th. They set a "market outperform" rating and a $48.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Perimeter Solutions has an average rating of "Hold" and an average price target of $41.75.

About Perimeter Solutions

Perimeter Solutions, Inc is a specialty chemicals and fire-safety company that develops, manufactures and supplies products used in wildfire control, industrial fire protection and chemical applications. The company serves customers across North America and international markets through a portfolio of fire-safety and specialty chemical products.

Its fire-safety business provides firefighting foams, fire retardants and related solutions for wildland firefighting, aviation, military, industrial and municipal applications.

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