PNC Financial Services Group Inc. Purchases 45,043 Shares of Perimeter Solutions, SA $PRM

Key Points

• PNC Financial Services increased its Perimeter Solutions stake by 195.8% in the first quarter, purchasing 45,043 shares and bringing its total holdings to 68,052 shares valued at approximately $1.66 million. Institutional investors own 89.93% of PRM.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $43.00. Recent targets range from $34 to $48, although two firms downgraded the stock to “Hold.”
• PRM shares opened at $37.35 after gaining 7.7%, while the company’s latest quarterly results exceeded expectations with adjusted EPS of $0.06 versus $0.02 forecast and revenue of $125.07 million. Insiders, however, sold 6.39 million shares worth about $217.5 million during the quarter.

PNC Financial Services Group Inc. lifted its position in Perimeter Solutions, SA (NYSE:PRM - Free Report) by 195.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,052 shares of the company's stock after buying an additional 45,043 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Perimeter Solutions were worth $1,662,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Arax Advisory Partners raised its holdings in 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 acquiring an additional 577 shares during the period. 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 valued at $31,000 after acquiring an additional 389 shares during the period. Larson Financial Group LLC boosted its holdings in Perimeter Solutions by 55.7% during the fourth quarter. Larson Financial Group LLC now owns 2,514 shares of the company's stock valued at $69,000 after acquiring an additional 899 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Perimeter Solutions by 56.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,918 shares of the company's stock valued at $80,000 after purchasing an additional 1,051 shares during the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Perimeter Solutions in the second quarter valued at about $42,000. 89.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PRM. UBS Group boosted their price objective 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 lifted their price target on Perimeter Solutions from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. CJS Securities began coverage on Perimeter Solutions in a report on Tuesday, June 9th. They set a "market outperform" rating and a $48.00 price target for the company. Zacks Research cut Perimeter Solutions from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Finally, Wall Street Zen downgraded shares of Perimeter Solutions from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Insider Transactions at Perimeter Solutions

In related news, 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 value of $1,639,278.60. Following the completion of the transaction, the chief financial officer directly owned 49,540 shares of the company's stock, valued at $1,639,278.60. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Windacre Partnership Llc sold 1,875,000 shares of Perimeter Solutions stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $33.90, for a total transaction of $63,562,500.00. Following the sale, the insider owned 16,148,621 shares in the company, valued at $547,438,251.90. This represents a 10.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,385,514 shares of company stock worth $217,464,393 over the last quarter. 13.10% of the stock is owned by company insiders.

Perimeter Solutions Stock Up 7.7%

NYSE PRM opened at $37.35 on Friday. Perimeter Solutions, SA has a twelve month low of $15.43 and a twelve month high of $38.17. The stock has a market cap of $6.09 billion, a PE ratio of -27.87 and a beta of 1.90. The firm has a 50-day simple moving average of $33.95 and a 200 day simple moving average of $29.33. 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 issued its quarterly earnings results on Thursday, May 7th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.04. The firm 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%. On average, research analysts forecast that Perimeter Solutions, SA will post 1.66 EPS for the current year.

Perimeter Solutions Company 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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