Perimeter Solutions, SA $PRM Stake Raised by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Perimeter Solutions by 15% in Q1, buying 1.63 million more shares and bringing its total holding to 12.5 million shares worth about $305.6 million.
• Perimeter Solutions reported better-than-expected quarterly results, with EPS of $0.06 versus the $0.02 estimate and revenue of $125.07 million, topping analyst forecasts.
• Despite solid earnings and bullish analyst targets, insider selling has been heavy, including recent sales by the CEO and major shareholder Windacre Partnership, while analysts currently rate the stock a Moderate Buy with a $43 average price target.

Principal Financial Group Inc. raised its holdings in Perimeter Solutions, SA (NYSE:PRM - Free Report) by 15.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,513,159 shares of the company's stock after acquiring an additional 1,634,158 shares during the quarter. Principal Financial Group Inc. owned 7.67% of Perimeter Solutions worth $305,572,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Arax Advisory Partners raised its holdings in shares of Perimeter Solutions by 122.8% in the 4th quarter. Arax Advisory Partners now owns 1,047 shares of the company's stock worth $29,000 after purchasing an additional 577 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Perimeter Solutions by 51.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,143 shares of the company's stock worth $31,000 after buying an additional 389 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in Perimeter Solutions in the second quarter worth approximately $42,000. Comerica Bank grew its position in Perimeter Solutions by 45.0% in the first quarter. Comerica Bank now owns 4,267 shares of the company's stock worth $43,000 after buying an additional 1,324 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Perimeter Solutions by 55.7% in the fourth quarter. Larson Financial Group LLC now owns 2,514 shares of the company's stock valued at $69,000 after buying an additional 899 shares in the last quarter. Institutional investors own 89.93% of the company's stock.

Perimeter Solutions Stock Up 1.4%

Shares of Perimeter Solutions stock opened at $33.33 on Wednesday. Perimeter Solutions, SA has a 1 year low of $15.43 and a 1 year high of $38.17. The company has a market cap of $5.44 billion, a P/E ratio of -24.87 and a beta of 1.90. The company has a current ratio of 3.09, a quick ratio of 1.61 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average price of $33.38 and a 200 day moving average price of $28.79.

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 the consensus estimate of $0.02 by $0.04. The company had revenue of $125.07 million for the quarter, compared to analysts' expectations of $121.80 million. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%. As a group, analysts expect that Perimeter Solutions, SA will post 1.69 EPS for the current fiscal year.

Insider Activity at Perimeter Solutions

In other Perimeter Solutions news, CEO Haitham Khouri sold 117,511 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The shares were 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 in the company, valued at approximately $58,469,241.85. This represents a 5.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Windacre Partnership Llc sold 3,393,479 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $34.66, for a total transaction of $117,617,982.14. Following the completion of the sale, the insider owned 18,461,121 shares of the company's stock, valued at approximately $639,862,453.86. The trade was a 15.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 6,385,514 shares of company stock valued at $217,464,393. Company insiders own 13.10% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Morgan Stanley raised their price objective on Perimeter Solutions from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Wall Street Zen lowered Perimeter Solutions from a "buy" rating to a "hold" rating in a research report on Sunday. Weiss Ratings raised Perimeter Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, June 17th. CJS Securities initiated coverage on Perimeter Solutions in a research report on Tuesday, June 9th. They issued a "market outperform" rating and a $48.00 price target for the company. Finally, JPMorgan Chase & Co. initiated coverage on Perimeter Solutions in a research note on Thursday, July 9th. They issued an "overweight" rating and a $50.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

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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