Royal Bank of Canada Trims Stock Position in Perimeter Solutions, SA $PRM

Royal Bank of Canada lessened its stake in Perimeter Solutions, SA (NYSE:PRM) by 13.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 124,986 shares of the company’s stock after selling 19,563 shares during the period. Royal Bank of Canada’s holdings in Perimeter Solutions were worth $3,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. 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 purchasing an additional 1,324 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Perimeter Solutions by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,546 shares of the company’s stock valued at $801,000 after purchasing an additional 3,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Perimeter Solutions by 4.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 328,188 shares of the company’s stock valued at $3,305,000 after purchasing an additional 14,949 shares during the period. American Century Companies Inc. purchased a new position in Perimeter Solutions during the 2nd quarter worth approximately $2,128,000. Finally, Prudential Financial Inc. grew its stake in Perimeter Solutions by 76.1% during the 2nd quarter. Prudential Financial Inc. now owns 18,070 shares of the company’s stock worth $252,000 after buying an additional 7,810 shares during the last quarter. Hedge funds and other institutional investors own 89.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wall Street Zen cut Perimeter Solutions from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. CJS Securities began coverage on shares of Perimeter Solutions in a research report on Tuesday, June 9th. They set a “market outperform” rating and a $48.00 target price on the stock. UBS Group lifted their target price on shares of Perimeter Solutions from $30.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. reduced their price target on shares of Perimeter Solutions from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Finally, Zacks Research cut shares of Perimeter Solutions from a “hold” rating to a “strong sell” rating in a research note on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Perimeter Solutions currently has an average rating of “Hold” and an average price target of $41.75.

Perimeter Solutions Stock Performance

Shares of PRM stock opened at $33.97 on Friday. The stock has a market capitalization of $5.56 billion, a PE ratio of -15.23 and a beta of 1.91. Perimeter Solutions, SA has a 52-week low of $18.04 and a 52-week high of $38.17. The stock’s 50-day moving average price is $34.56 and its 200 day moving average price is $29.75. The company has a quick ratio of 0.93, a current ratio of 1.57 and a debt-to-equity ratio of 1.19.

Perimeter Solutions (NYSE:PRM) last posted its quarterly earnings data on Friday, July 31st. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.08). Perimeter Solutions had a negative net margin of 44.86% and a positive return on equity of 19.15%. The company had revenue of $213.81 million for the quarter, compared to analysts’ expectations of $216.89 million. As a group, equities research analysts forecast that Perimeter Solutions, SA will post 1.58 EPS for the current year.

Insider Activity at Perimeter Solutions

In other news, major shareholder Windacre Partnership Llc sold 1,875,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $33.90, for a total transaction of $63,562,500.00. Following the completion of the sale, the insider owned 16,148,621 shares in the company, valued at $547,438,251.90. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Haitham Khouri sold 117,511 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 1,874,615 shares of the company’s stock, valued at approximately $58,469,241.85. This represents a 5.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,935,514 shares of company stock valued at $202,902,090 in the last 90 days. Company insiders own 13.10% of the company’s stock.

About Perimeter Solutions

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.