Weitz Investment Management Inc. Reduces Stake in Perimeter Solutions, SA (NYSE:PRM)

Key Points

• Weitz Investment Management Inc. reduced its stake in Perimeter Solutions by 2.4%, holding 2,057,291 shares worth approximately $20.7 million after selling 50,000 shares in Q1.
• Hedge funds significantly modified their holdings with Vanguard Group Inc. increasing its stake by 136.8% in Q4, now owning over 8.2 million shares valued at about $105 million.
• Analyst ratings for Perimeter Solutions have varied, with Morgan Stanley lowering its target price from $18.00 to $17.00, while UBS Group increased it from $15.00 to $20.00, maintaining a "buy" rating.

Weitz Investment Management Inc. decreased its stake in shares of Perimeter Solutions, SA (NYSE:PRM - Free Report) by 2.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,057,291 shares of the company's stock after selling 50,000 shares during the period. Weitz Investment Management Inc. owned 1.38% of Perimeter Solutions worth $20,717,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. US Bancorp DE lifted its holdings in Perimeter Solutions by 737.1% during the 1st quarter. US Bancorp DE now owns 23,890 shares of the company's stock worth $241,000 after purchasing an additional 21,036 shares in the last quarter. Pacific Capital Partners Ltd bought a new position in Perimeter Solutions in the 1st quarter worth about $1,510,000. XTX Topco Ltd increased its stake 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 acquiring an additional 79,222 shares during the last quarter. 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 acquiring an additional 302,774 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new position in Perimeter Solutions in the 1st quarter worth about $13,743,000. Hedge funds and other institutional investors own 89.93% of the company's stock.

Perimeter Solutions Price Performance

Shares of Perimeter Solutions stock traded up $1.12 during trading on Friday, hitting $17.98. 999,984 shares of the stock traded hands, compared to its average volume of 1,141,256. The company has a quick ratio of 3.56, a current ratio of 5.23 and a debt-to-equity ratio of 0.55. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 22.77 and a beta of 1.96. The firm's fifty day moving average is $14.86 and its 200-day moving average is $12.19. Perimeter Solutions, SA has a 52 week low of $8.76 and a 52 week high of $18.04.

Perimeter Solutions (NYSE:PRM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.28 by $0.11. The firm had revenue of $162.64 million for the quarter, compared to analyst estimates of $108.91 million. Perimeter Solutions had a negative return on equity of 4.33% and a net margin of 23.23%. Research analysts expect that Perimeter Solutions, SA will post 0.71 EPS for the current fiscal year.

Insider Activity

In other news, Director Vivek Raj sold 100,000 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.78, for a total transaction of $1,178,000.00. Following the transaction, the director directly owned 168,942 shares in the company, valued at approximately $1,990,136.76. This represents a 37.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Windacre Partnership Master Fu acquired 254,600 shares of Perimeter Solutions stock in a transaction dated Friday, June 27th. The shares were purchased at an average price of $13.98 per share, for a total transaction of $3,559,308.00. Following the completion of the transaction, the insider directly owned 21,854,600 shares in the company, valued at approximately $305,527,308. The trade was a 1.18% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 303,094 shares of company stock worth $3,587,021 over the last quarter. Corporate insiders own 10.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRM shares. UBS Group upped their target price on Perimeter Solutions from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Wall Street Zen lowered Perimeter Solutions from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Morgan Stanley decreased their target price on Perimeter Solutions from $18.00 to $17.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th.

About Perimeter Solutions

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.