HB Wealth Management LLC Acquires 42,713 Shares of Perimeter Solutions, SA $PRM

Key Points

• HB Wealth Management LLC increased its stake in Perimeter Solutions by 523.3% in the first quarter, adding 42,713 shares and bringing its total holdings to 50,875 shares worth about $1.24 million.
• Several analysts turned more positive on the stock, with UBS, Morgan Stanley, and CJS Securities all issuing upbeat ratings or higher price targets. The consensus view now stands at a Buy with an average price target of $40.67.
• Perimeter Solutions recently beat earnings expectations, reporting $0.06 EPS versus the expected $0.02 and revenue of $125.07 million. However, insider selling has been significant, including large share sales by the CFO and CEO.

HB Wealth Management LLC boosted its holdings in Perimeter Solutions, SA (NYSE:PRM - Free Report) by 523.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,875 shares of the company's stock after acquiring an additional 42,713 shares during the quarter. HB Wealth Management LLC's holdings in Perimeter Solutions were worth $1,242,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new stake in shares of Perimeter Solutions in the first quarter worth approximately $728,000. Strs Ohio boosted its position in shares of Perimeter Solutions by 9.5% during the first quarter. Strs Ohio now owns 47,200 shares of the company's stock valued at $1,153,000 after buying an additional 4,100 shares during the last quarter. Dagco Inc. bought a new stake in Perimeter Solutions during the first quarter worth $99,000. Rockefeller Capital Management L.P. grew its holdings in Perimeter Solutions by 56.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,918 shares of the company's stock worth $80,000 after buying an additional 1,051 shares in the last quarter. Finally, Invesco Ltd. raised its position in Perimeter Solutions by 157.3% in the 4th quarter. Invesco Ltd. now owns 1,294,686 shares of the company's stock valued at $35,643,000 after buying an additional 791,558 shares during the last quarter. Institutional investors and hedge funds own 89.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. UBS Group lifted their price objective on shares of Perimeter Solutions from $30.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Morgan Stanley raised their price target on shares of Perimeter Solutions from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. CJS Securities started coverage on shares of Perimeter Solutions in a report on Tuesday, June 9th. They set a "market outperform" rating and a $48.00 price target on the stock. Weiss Ratings raised shares of Perimeter Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, June 17th. Finally, Wall Street Zen raised shares of Perimeter Solutions from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $40.67.

Insider Activity at Perimeter Solutions

In other news, CFO Kyle Sable sold 49,540 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $33.09, for a total transaction of $1,639,278.60. Following the transaction, the chief financial officer owned 49,540 shares of the company's stock, valued at $1,639,278.60. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Haitham Khouri sold 117,511 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $31.19, for a total value of $3,665,168.09. Following the transaction, the chief executive officer owned 1,874,615 shares of the company's stock, valued at $58,469,241.85. The trade was a 5.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 6,385,514 shares of company stock worth $217,464,393. Company insiders own 13.10% of the company's stock.

Perimeter Solutions Price Performance

PRM opened at $33.47 on Wednesday. Perimeter Solutions, SA has a fifty-two week low of $15.00 and a fifty-two week high of $38.17. The firm has a 50-day moving average of $33.07 and a 200 day moving average of $28.58. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.61 and a current ratio of 3.09. The firm has a market cap of $5.46 billion, a P/E ratio of -24.98 and a beta of 1.90.

Perimeter Solutions (NYSE:PRM - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.04. Perimeter Solutions had a negative net margin of 26.93% and a positive return on equity of 18.29%. The firm had revenue of $125.07 million for the quarter, compared to analysts' expectations of $121.80 million. On average, research analysts expect that Perimeter Solutions, SA will post 1.78 EPS for the current year.

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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