Perimeter Solutions, SA $PRM is East Coast Asset Management LLC.'s 2nd Largest Position

Key Points

• East Coast Asset Management cut its Perimeter Solutions stake by 13.2% in Q4 but still holds 1,366,380 shares, making PRM its 2nd largest position and about 11.1% of its portfolio.
• Several analysts turned more positive on the stock, with recent upgrades and a consensus rating of Moderate Buy; the average price target now stands at $40.67.
• Perimeter Solutions reported better-than-expected quarterly results, posting EPS of $0.06 versus $0.02 expected and revenue of $125.07 million versus $121.80 million, while insiders have also been notable sellers in recent months.

East Coast Asset Management LLC. lessened its stake in shares of Perimeter Solutions, SA (NYSE:PRM - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,366,380 shares of the company's stock after selling 207,593 shares during the quarter. Perimeter Solutions makes up approximately 11.1% of East Coast Asset Management LLC.'s holdings, making the stock its 2nd largest holding. East Coast Asset Management LLC. owned 0.92% of Perimeter Solutions worth $37,616,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in Perimeter Solutions by 2.6% in the 4th quarter. AQR Capital Management LLC now owns 566,319 shares of the company's stock valued at $15,591,000 after buying an additional 14,542 shares during the period. Abel Hall LLC purchased a new stake in Perimeter Solutions in the 4th quarter valued at about $354,000. Cetera Investment Advisers purchased a new stake in Perimeter Solutions in the 4th quarter valued at about $402,000. Laird Norton Wetherby Trust Company LLC purchased a new stake in Perimeter Solutions in the 4th quarter valued at about $1,193,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Perimeter Solutions by 1.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 135,692 shares of the company's stock valued at $3,736,000 after buying an additional 1,753 shares during the period. Hedge funds and other institutional investors own 89.93% of the company's stock.

Insider Activity

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 SEC, which is accessible through the SEC website. Also, CFO Kyle Sable sold 150,000 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $31.52, for a total value of $4,728,000.00. Following the completion of the transaction, the chief financial officer directly owned 20,000 shares in the company, valued at approximately $630,400. The trade was a 88.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 679,535 shares of company stock valued at $21,846,411 in the last three months. Corporate insiders own 13.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on PRM. Weiss Ratings upgraded Perimeter Solutions from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, May 28th. CJS Securities began coverage on Perimeter Solutions in a report on Tuesday, June 9th. They issued a "market outperform" rating and a $48.00 price target for the company. UBS Group lifted their price target on Perimeter Solutions from $30.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Zacks Research upgraded Perimeter Solutions from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. Finally, Wall Street Zen upgraded Perimeter Solutions from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $40.67.

Perimeter Solutions Stock Performance

NYSE PRM opened at $35.59 on Thursday. The firm has a market capitalization of $5.81 billion, a P/E ratio of -26.56 and a beta of 1.92. Perimeter Solutions, SA has a 1-year low of $13.06 and a 1-year high of $36.95. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.09 and a quick ratio of 1.61. The business's 50-day simple moving average is $30.89 and its 200-day simple moving average is $27.88.

Perimeter Solutions (NYSE:PRM - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.04. The business had revenue of $125.07 million for the quarter, compared to analyst estimates of $121.80 million. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%. Equities analysts predict 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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