Weitz Investment Management Inc. Trims Stake in Perimeter Solutions, SA $PRM

Key Points

• Weitz Investment Management cut its stake in Perimeter Solutions by 31.6% in the fourth quarter, selling 235,572 shares and ending with 509,400 shares valued at about $14.0 million.
• Perimeter Solutions reported stronger-than-expected quarterly results, posting EPS of $0.06 versus the $0.02 estimate and revenue of $125.07 million versus $121.80 million forecast.
• Analyst sentiment remains positive overall, with multiple firms raising price targets and the consensus rating on PRM sitting at Moderate Buy with a target price of $40.67.

Weitz Investment Management Inc. reduced its stake in shares of Perimeter Solutions, SA (NYSE:PRM - Free Report) by 31.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 509,400 shares of the company's stock after selling 235,572 shares during the quarter. Weitz Investment Management Inc. owned 0.34% of Perimeter Solutions worth $14,024,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PRM. Northwestern Mutual Wealth Management Co. lifted its position 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. Allworth Financial LP lifted its position in Perimeter Solutions by 14.1% during the fourth quarter. Allworth Financial LP now owns 4,100 shares of the company's stock worth $113,000 after buying an additional 508 shares in the last quarter. Comerica Bank lifted its position in Perimeter Solutions by 12.2% during the third quarter. Comerica Bank now owns 5,019 shares of the company's stock worth $112,000 after buying an additional 547 shares in the last quarter. Larson Financial Group LLC lifted its position in Perimeter Solutions by 55.7% during the fourth quarter. Larson Financial Group LLC now owns 2,514 shares of the company's stock worth $69,000 after buying an additional 899 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Perimeter Solutions by 30.7% during the fourth quarter. GAMMA Investing LLC now owns 4,675 shares of the company's stock worth $129,000 after buying an additional 1,098 shares in the last quarter. 89.93% of the stock is currently owned by hedge funds and other institutional investors.

Perimeter Solutions Price Performance

NYSE:PRM opened at $35.14 on Friday. Perimeter Solutions, SA has a 52 week low of $13.05 and a 52 week high of $35.22. The company has a quick ratio of 1.61, a current ratio of 3.09 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $5.73 billion, a P/E ratio of -26.22 and a beta of 1.92. The stock's fifty day moving average is $30.06 and its two-hundred day moving average is $27.64.

Perimeter Solutions (NYSE:PRM - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate of $121.80 million. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%. Equities analysts expect that Perimeter Solutions, SA will post 1.78 EPS for the current year.

Analyst Upgrades and Downgrades

PRM has been the topic of a number of analyst reports. UBS Group lifted 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 target price on Perimeter Solutions from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Zacks Research upgraded Perimeter Solutions from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 14th. Wall Street Zen upgraded Perimeter Solutions from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, CJS Securities started coverage on Perimeter Solutions in a research report on Tuesday. They issued a "market outperform" rating and a $48.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Perimeter Solutions has a consensus rating of "Moderate Buy" and a consensus target price of $40.67.

Insider Activity at Perimeter Solutions

In related news, insider Jeffrey Emery sold 53,537 shares of the business's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $33.45, for a total value of $1,790,812.65. Following the sale, the insider owned 53,537 shares in the company, valued at approximately $1,790,812.65. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Haitham Khouri sold 117,511 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer owned 1,874,615 shares in the company, valued at $58,469,241.85. This represents a 5.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 679,535 shares of company stock worth $21,846,411. 13.10% of the stock is currently owned by company insiders.

Perimeter Solutions 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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