Perimeter Solutions (NYSE:PRM) Reaches New 52-Week High – Here’s Why

Perimeter Solutions, SA (NYSE:PRM) hit a new 52-week high on Wednesday . The stock traded as high as $36.95 and last traded at $36.3640, with a volume of 1438440 shares changing hands. The stock had previously closed at $36.36.

Analysts Set New Price Targets

PRM has been the topic of a number of recent research reports. CJS Securities assumed coverage on shares of Perimeter Solutions in a research note on Tuesday, June 9th. They issued a “market outperform” rating and a $48.00 price objective on the stock. Weiss Ratings upgraded shares of Perimeter Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. Wall Street Zen raised Perimeter Solutions from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Morgan Stanley raised their price target on Perimeter Solutions from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Zacks Research raised Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Perimeter Solutions has a consensus rating of “Buy” and a consensus price target of $40.67.

Perimeter Solutions Stock Performance

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 stock has a market cap of $6.18 billion, a price-to-earnings ratio of -28.26 and a beta of 1.92. The stock’s fifty day moving average is $31.16 and its 200-day moving average is $27.95.

Perimeter Solutions (NYSE:PRM) last posted its earnings results on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.04. The company had revenue of $125.07 million for the quarter, compared to analyst estimates of $121.80 million. Perimeter Solutions had a negative net margin of 26.93% and a positive return on equity of 18.29%. On average, analysts forecast that Perimeter Solutions, SA will post 1.78 EPS for the current year.

Insider Activity at Perimeter Solutions

In other Perimeter Solutions news, CEO Haitham Khouri sold 117,511 shares of the stock in a transaction dated Friday, May 22nd. The stock was 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 directly owned 1,874,615 shares in the company, valued at $58,469,241.85. This represents a 5.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Emery sold 53,537 shares of the firm’s stock in a transaction dated 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 directly owned 53,537 shares in the company, valued at approximately $1,790,812.65. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 679,535 shares of company stock worth $21,846,411 in the last quarter. Corporate insiders own 13.10% of the company’s stock.

Hedge Funds Weigh In On Perimeter Solutions

Several institutional investors and hedge funds have recently modified their holdings of PRM. Jones Financial Companies Lllp acquired a new stake in Perimeter Solutions during the 3rd quarter worth approximately $27,000. Arax Advisory Partners lifted its stake in Perimeter Solutions by 122.8% in the fourth quarter. Arax Advisory Partners now owns 1,047 shares of the company’s stock valued at $29,000 after buying an additional 577 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Perimeter Solutions by 51.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,143 shares of the company’s stock valued at $31,000 after buying an additional 389 shares during the period. EverSource Wealth Advisors LLC acquired a new position in shares of Perimeter Solutions in the second quarter valued at approximately $42,000. Finally, Comerica Bank increased its position in shares of Perimeter Solutions by 45.0% during the first quarter. Comerica Bank now owns 4,267 shares of the company’s stock worth $43,000 after acquiring an additional 1,324 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.