Weitz Investment Management Inc. Acquires New Position in Perimeter Solutions, SA $PRM

Key Points

• Weitz Investment Management acquired 450,817 shares of Perimeter Solutions, valued at approximately $16.1 million and representing about 1.1% of its portfolio. The stake accounts for roughly 0.28% of PRM, while institutional investors collectively own 89.93% of the company.
• Perimeter Solutions reported quarterly earnings of $0.35 per share, missing analysts’ $0.43 estimate, while revenue of $213.81 million also fell short of projections. The stock recently traded at $31.48, below the analyst consensus target price of $41.75.
• Insider selling and mixed analyst sentiment weigh on the outlook: major shareholder Windacre Partnership sold 3.39 million shares, and insiders sold 5.71 million shares over the past 90 days. Analysts’ average rating is “Hold,” with four Buy ratings and two Sell ratings.

Weitz Investment Management Inc. acquired a new stake in Perimeter Solutions, SA (NYSE:PRM - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 450,817 shares of the company's stock, valued at approximately $16,072,000. Perimeter Solutions comprises about 1.1% of Weitz Investment Management Inc.'s portfolio, making the stock its 25th biggest position. Weitz Investment Management Inc. owned about 0.28% of Perimeter Solutions as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Abacus Wealth Partners LLC bought a new position in shares of Perimeter Solutions in the 4th quarter worth $523,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Perimeter Solutions by 239.0% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 54,900 shares of the company's stock valued at $1,524,000 after buying an additional 38,703 shares during the period. Bessemer Group Inc. lifted its stake in Perimeter Solutions by 61.2% in the first quarter. Bessemer Group Inc. now owns 1,064,925 shares of the company's stock valued at $26,006,000 after buying an additional 404,417 shares during the period. Argos Wealth Advisors LLC bought a new position in Perimeter Solutions during the fourth quarter worth about $961,000. Finally, Sei Investments Co. boosted its holdings in Perimeter Solutions by 100.1% during the first quarter. Sei Investments Co. now owns 90,407 shares of the company's stock worth $2,208,000 after buying an additional 45,227 shares during the last quarter. Institutional investors and hedge funds own 89.93% of the company's stock.

Perimeter Solutions Stock Up 1.3%

Perimeter Solutions stock opened at $31.48 on Friday. The company has a market cap of $5.15 billion, a P/E ratio of -14.12 and a beta of 1.91. Perimeter Solutions, SA has a 1-year low of $18.68 and a 1-year high of $38.17. The company has a fifty day simple moving average of $34.35 and a 200 day simple moving average of $29.92. The company has a current ratio of 1.57, a quick ratio of 0.93 and a debt-to-equity ratio of 1.19.

Perimeter Solutions (NYSE:PRM - Get Free Report) last issued its earnings results on Friday, July 31st. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.08). The firm had revenue of $213.81 million for the quarter, compared to analyst estimates of $216.89 million. Perimeter Solutions had a positive return on equity of 19.15% and a negative net margin of 44.86%. Research analysts anticipate that Perimeter Solutions, SA will post 1.54 earnings per share for the current fiscal year.

Insider Activity at Perimeter Solutions

In related news, major shareholder Windacre Partnership Llc sold 3,393,479 shares of the business's 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 transaction, the insider directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 5,705,979 shares of company stock worth $195,617,982. Insiders own 13.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PRM shares. Zacks Research downgraded Perimeter Solutions from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Weiss Ratings cut Perimeter Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. JPMorgan Chase & Co. cut their price target on shares of Perimeter Solutions from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. CJS Securities initiated coverage on shares of Perimeter Solutions in a research report on Tuesday, June 9th. They set a "market outperform" rating and a $48.00 price objective for the company. Finally, Wall Street Zen lowered shares of Perimeter Solutions from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $41.75.

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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