Perimeter Solutions (NYSE:PRM) Downgraded to Strong Sell Rating by Zacks Research

Perimeter Solutions (NYSE:PRM) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Several other analysts have also recently commented on the company. Morgan Stanley raised their target price on Perimeter Solutions from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen downgraded Perimeter Solutions from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. UBS Group raised 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. JPMorgan Chase & Co. lowered their target price on Perimeter Solutions from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings raised shares of Perimeter Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Perimeter Solutions presently has an average rating of “Moderate Buy” and an average target price of $41.75.

Perimeter Solutions Price Performance

Shares of NYSE:PRM opened at $34.57 on Monday. The firm’s 50 day moving average is $34.32 and its two-hundred day moving average is $29.64. The firm has a market capitalization of $5.66 billion, a P/E ratio of -15.50 and a beta of 1.91. 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 has a 52 week low of $17.67 and a 52 week high of $38.17.

Perimeter Solutions (NYSE:PRM) last issued its quarterly earnings data on Friday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.08). The business 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%. Analysts anticipate that Perimeter Solutions will post 1.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Windacre Partnership Llc sold 3,393,479 shares of the stock in a transaction 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 completion of the sale, the insider directly owned 18,461,121 shares in the company, valued at approximately $639,862,453.86. This trade represents a 15.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Haitham Khouri sold 117,511 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 1,874,615 shares in the company, valued at $58,469,241.85. This trade represents a 5.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 5,935,514 shares of company stock worth $202,902,090 over the last ninety days. 13.10% of the stock is currently owned by company insiders.

Institutional Trading of Perimeter Solutions

A number of institutional investors have recently added to or reduced their stakes in PRM. Principal Financial Group Inc. raised its holdings in shares of Perimeter Solutions by 15.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,513,159 shares of the company’s stock valued at $305,572,000 after purchasing an additional 1,634,158 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Perimeter Solutions by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 8,570,699 shares of the company’s stock worth $235,951,000 after purchasing an additional 156,788 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 worth $115,188,000 after purchasing an additional 221,290 shares in the last quarter. Janus Henderson Group PLC increased its position in Perimeter Solutions by 8.6% during the first quarter. Janus Henderson Group PLC now owns 4,007,536 shares of the company’s stock worth $97,863,000 after buying an additional 315,763 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Perimeter Solutions by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,421,820 shares of the company’s stock valued at $94,218,000 after buying an additional 122,435 shares in the last quarter. 89.93% of the stock is currently owned by institutional investors and hedge funds.

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.