Perimeter Solutions, SA $PRM Shares Sold by TenCore Partners LP

Key Points

• TenCore Partners LP reduced its stake in Perimeter Solutions by 9.6% in the fourth quarter, selling 42,000 shares and leaving it with 395,150 shares worth about $10.9 million.
• Institutional ownership remains very high, with funds such as Principal Financial Group, Vanguard, and Geode Capital increasing their positions; overall, institutions and hedge funds own 89.93% of the stock.
• Perimeter Solutions beat quarterly expectations, reporting EPS of $0.06 versus the $0.02 consensus and revenue of $125.07 million, while analysts currently rate the stock a “Moderate Buy” with a $37 target price.

TenCore Partners LP cut its holdings in shares of Perimeter Solutions, SA (NYSE:PRM - Free Report) by 9.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 395,150 shares of the company's stock after selling 42,000 shares during the period. Perimeter Solutions makes up about 5.6% of TenCore Partners LP's investment portfolio, making the stock its 9th largest holding. TenCore Partners LP owned about 0.27% of Perimeter Solutions worth $10,878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. boosted its position in shares of Perimeter Solutions by 0.5% during the third quarter. Principal Financial Group Inc. now owns 11,012,789 shares of the company's stock worth $246,577,000 after buying an additional 57,244 shares during the period. Vanguard Group Inc. boosted its position in shares of Perimeter Solutions by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 8,570,699 shares of the company's stock worth $235,951,000 after buying an additional 156,788 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Perimeter Solutions by 4.5% during the third quarter. Dimensional Fund Advisors LP now owns 5,145,141 shares of the company's stock worth $115,188,000 after buying an additional 221,290 shares during the period. Geode Capital Management LLC boosted its position in shares of Perimeter Solutions by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,421,820 shares of the company's stock worth $94,218,000 after buying an additional 122,435 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Perimeter Solutions by 35.8% during the second quarter. Bank of America Corp DE now owns 2,274,018 shares of the company's stock worth $31,654,000 after buying an additional 599,972 shares during the period. 89.93% of the stock is currently owned by institutional investors and hedge funds.

Perimeter Solutions Price Performance

Shares of NYSE:PRM opened at $31.74 on Tuesday. Perimeter Solutions, SA has a one year low of $12.00 and a one year high of $34.89. The stock has a fifty day moving average of $28.46 and a 200-day moving average of $27.30. The company has a market capitalization of $5.18 billion, a PE ratio of -23.69 and a beta of 1.92. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.61 and a current ratio of 3.09.

Perimeter Solutions (NYSE:PRM - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.04. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%.The company had revenue of $125.07 million during the quarter, compared to the consensus estimate of $121.80 million. As a group, equities analysts anticipate that Perimeter Solutions, SA will post 1.91 EPS for the current fiscal year.

Insider Activity

In other news, 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 transaction of $3,665,168.09. Following the completion of the sale, the chief executive officer owned 1,874,615 shares in the company, valued at approximately $58,469,241.85. This represents a 5.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kyle Sable sold 49,540 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $33.09, for a total value of $1,639,278.60. Following the sale, the chief financial officer owned 49,540 shares of the company's stock, valued at $1,639,278.60. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,129,535 shares of company stock worth $32,569,161. Insiders own 13.10% of the company's stock.

Wall Street Analyst Weigh In

PRM has been the subject of a number of research analyst reports. Wall Street Zen upgraded Perimeter Solutions from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. UBS Group upped their target price on Perimeter Solutions from $30.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Morgan Stanley upped their target price on Perimeter Solutions from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Weiss Ratings upgraded Perimeter Solutions from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday. Finally, Zacks Research upgraded Perimeter Solutions from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 14th. 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $37.00.

About Perimeter Solutions

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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