Perimeter Solutions (NYSE:PRM) Shares Down 6.2% – Here’s Why
by Teresa Graham · The Cerbat GemPerimeter Solutions, SA (NYSE:PRM – Get Free Report) shares fell 6.2% during mid-day trading on Monday . The stock traded as low as $27.54 and last traded at $27.7970. 115,021 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 620,297 shares. The stock had previously closed at $29.64.
Analyst Ratings Changes
PRM has been the subject of a number of research reports. Morgan Stanley set a $35.00 target price on Perimeter Solutions in a research note on Monday, December 15th. UBS Group cut shares of Perimeter Solutions from a “buy” rating to a “neutral” rating and raised their price objective for the company from $30.00 to $31.00 in a research report on Monday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Perimeter Solutions in a research note on Wednesday, October 8th. Finally, Zacks Research cut shares of Perimeter Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 17th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.00.
Get Our Latest Research Report on Perimeter Solutions
Perimeter Solutions Stock Down 6.6%
The firm has a market cap of $4.10 billion, a P/E ratio of 65.94 and a beta of 1.97. The firm’s 50 day moving average is $27.23 and its two-hundred day moving average is $22.28. The company has a current ratio of 2.22, a quick ratio of 1.72 and a debt-to-equity ratio of 0.61.
Perimeter Solutions (NYSE:PRM – Get Free Report) last posted its earnings results on Thursday, October 30th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.14. Perimeter Solutions had a net margin of 12.26% and a return on equity of 17.33%. The company had revenue of $315.44 million for the quarter, compared to analyst estimates of $238.27 million. As a group, research analysts anticipate that Perimeter Solutions, SA will post 0.71 EPS for the current fiscal year.
Insider Activity
In other Perimeter Solutions news, CFO Kyle Sable sold 100,000 shares of the stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $28.47, for a total value of $2,847,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is owned by company insiders.
Hedge Funds Weigh In On Perimeter Solutions
A number of large investors have recently added to or reduced their stakes in PRM. Principal Financial Group Inc. boosted its position in Perimeter Solutions by 0.5% during the 3rd quarter. Principal Financial Group Inc. now owns 11,012,789 shares of the company’s stock worth $246,577,000 after acquiring an additional 57,244 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Perimeter Solutions by 4.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,145,141 shares of the company’s stock valued at $115,188,000 after purchasing an additional 221,290 shares in the last quarter. Geode Capital Management LLC increased its stake in Perimeter Solutions by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,292,279 shares of the company’s stock valued at $45,834,000 after buying an additional 98,953 shares during the last quarter. Bank of America Corp DE increased its stake in Perimeter Solutions by 35.8% in the 2nd quarter. Bank of America Corp DE now owns 2,274,018 shares of the company’s stock valued at $31,654,000 after buying an additional 599,972 shares during the last quarter. Finally, Equitable Trust Co. lifted its position in Perimeter Solutions by 5.4% during the 2nd quarter. Equitable Trust Co. now owns 2,253,341 shares of the company’s stock worth $31,367,000 after buying an additional 116,220 shares in the last quarter. Institutional investors own 89.93% of the company’s stock.
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.