Perimeter Solutions, SA $PRM Holdings Cut by HighTower Advisors LLC

Key Points

• HighTower Advisors cut its stake in Perimeter Solutions by 18.5% in the fourth quarter, though it still held 183,331 shares worth about $5.0 million.
• Perimeter Solutions beat quarterly earnings expectations, reporting $0.06 EPS versus the $0.02 forecast and revenue of $125.07 million, above estimates. Analysts now have a consensus rating of Moderate Buy with a $37.00 target price.
• Insider selling was significant, with insider Jeffrey Emery and CFO Kyle Sable each selling about 50% of their positions on May 13. Insiders have sold 1.13 million shares worth $32.6 million over the last 90 days.

HighTower Advisors LLC decreased its holdings in shares of Perimeter Solutions, SA (NYSE:PRM - Free Report) by 18.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 183,331 shares of the company's stock after selling 41,593 shares during the quarter. HighTower Advisors LLC owned approximately 0.12% of Perimeter Solutions worth $5,047,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PRM. Arrowstreet Capital Limited Partnership increased its stake in shares of Perimeter Solutions by 50.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,132,167 shares of the company's stock worth $47,739,000 after purchasing an additional 714,816 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Perimeter Solutions during the 3rd quarter worth $14,612,000. Bank of America Corp DE increased its stake in shares of Perimeter Solutions by 35.8% during the 2nd quarter. Bank of America Corp DE now owns 2,274,018 shares of the company's stock worth $31,654,000 after purchasing an additional 599,972 shares during the last quarter. Skye Global Management LP increased its stake in shares of Perimeter Solutions by 485.2% during the 2nd quarter. Skye Global Management LP now owns 614,500 shares of the company's stock worth $8,554,000 after purchasing an additional 509,500 shares during the last quarter. Finally, Credit Agricole S A acquired a new position in shares of Perimeter Solutions during the 3rd quarter worth $9,338,000. Institutional investors and hedge funds own 89.93% of the company's stock.

Perimeter Solutions Trading Up 2.3%

Shares of PRM stock opened at $32.39 on Friday. Perimeter Solutions, SA has a 1 year low of $11.84 and a 1 year high of $34.89. The firm's fifty day simple moving average is $28.04 and its 200 day simple moving average is $27.21. The firm has a market capitalization of $5.28 billion, a P/E ratio of -24.17 and a beta of 1.93. The company has a current ratio of 3.09, a quick ratio of 1.61 and a debt-to-equity ratio of 1.01.

Perimeter Solutions (NYSE:PRM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $125.07 million for the quarter, compared to analyst estimates of $121.80 million. As a group, sell-side analysts predict that Perimeter Solutions, SA will post 1.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PRM shares. Wall Street Zen raised Perimeter Solutions from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Morgan Stanley lifted their target price on shares of Perimeter Solutions from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. UBS Group lifted their target price 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. Zacks Research upgraded shares of Perimeter Solutions from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. Finally, Weiss Ratings upgraded shares of Perimeter Solutions from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Insiders Place Their Bets

In other Perimeter Solutions news, insider Jeffrey Emery sold 53,537 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $33.45, for a total value of $1,790,812.65. Following the sale, the insider directly owned 53,537 shares in the company, valued at $1,790,812.65. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kyle Sable sold 49,540 shares of the firm'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 completion of the sale, the chief financial officer owned 49,540 shares in the company, valued at $1,639,278.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,129,535 shares of company stock worth $32,569,161 in the last ninety days. Insiders own 13.10% of the company's stock.

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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