PNC Financial Services Group Inc. Sells 109,348 Shares of Perimeter Solutions, SA $PRM

Key Points

• PNC Financial Services Group Inc. has drastically reduced its stake in Perimeter Solutions, SA by 80.6% during the first quarter, leaving it with only 26,272 shares.
• Insider trades include Director Vivek Raj selling 32,000 shares at an average price of $11.70, resulting in a significant decrease in his ownership of the stock.
• Perimeter Solutions reported a quarterly revenue of $162.64 million, surpassing expectations, and a quarterly EPS of $0.39, exceeding estimates by $0.11.

PNC Financial Services Group Inc. trimmed its stake in Perimeter Solutions, SA (NYSE:PRM - Free Report) by 80.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,272 shares of the company's stock after selling 109,348 shares during the period. PNC Financial Services Group Inc.'s holdings in Perimeter Solutions were worth $265,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of PRM. US Bancorp DE raised its stake in shares of Perimeter Solutions by 737.1% in the first quarter. US Bancorp DE now owns 23,890 shares of the company's stock worth $241,000 after buying an additional 21,036 shares during the period. Pacific Capital Partners Ltd purchased a new position in shares of Perimeter Solutions during the 1st quarter valued at $1,510,000. XTX Topco Ltd boosted its holdings in Perimeter Solutions by 254.4% in the 1st quarter. XTX Topco Ltd now owns 110,363 shares of the company's stock worth $1,111,000 after buying an additional 79,222 shares during the period. Equitable Trust Co. increased its stake in Perimeter Solutions by 16.5% in the 1st quarter. Equitable Trust Co. now owns 2,137,121 shares of the company's stock worth $21,521,000 after buying an additional 302,774 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new stake in Perimeter Solutions during the first quarter valued at about $13,743,000. 89.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRM. UBS Group upped their price objective on Perimeter Solutions from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Morgan Stanley dropped their price target on Perimeter Solutions from $18.00 to $17.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Finally, Wall Street Zen lowered shares of Perimeter Solutions from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $18.50.

Perimeter Solutions Price Performance

NYSE PRM traded down $0.0830 during trading on Tuesday, hitting $18.5670. 923,678 shares of the stock traded hands, compared to its average volume of 1,151,101. The company has a quick ratio of 2.60, a current ratio of 4.04 and a debt-to-equity ratio of 0.57. Perimeter Solutions, SA has a 12-month low of $8.76 and a 12-month high of $18.77. The firm has a 50-day simple moving average of $15.68 and a 200-day simple moving average of $12.43. The company has a market capitalization of $2.72 billion, a P/E ratio of 43.18 and a beta of 1.96.

Perimeter Solutions (NYSE:PRM - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.11. Perimeter Solutions had a negative return on equity of 1.11% and a net margin of 13.05%.The firm had revenue of $162.64 million during the quarter, compared to the consensus estimate of $108.91 million. As a group, analysts predict that Perimeter Solutions, SA will post 0.71 EPS for the current year.

Insider Buying and Selling at Perimeter Solutions

In related news, Director Vivek Raj sold 32,000 shares of Perimeter Solutions stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $11.70, for a total value of $374,400.00. Following the completion of the transaction, the director owned 68,132 shares in the company, valued at approximately $797,144.40. This trade represents a 31.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Windacre Partnership Master Fu acquired 254,600 shares of Perimeter Solutions stock in a transaction on Friday, June 27th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $3,559,308.00. Following the completion of the purchase, the insider directly owned 21,854,600 shares of the company's stock, valued at $305,527,308. The trade was a 1.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 10.00% of the stock is owned by company insiders.

Perimeter Solutions Profile

Perimeter Solutions, SA manufactures and supplies firefighting products and lubricant additives in the United States, Germany, and internationally. It operates in two segments, Fire Safety and Specialty Products. The Fire Safety segment provides fire retardants and firefighting foams, as well as specialized equipment and services for federal, state, provincial, local/municipal, and commercial customers.