Perimeter Solutions (NYSE:PRM) Hits New 52-Week High on Strong Earnings

Shares of Perimeter Solutions, SA (NYSE:PRM) hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $26.00 and last traded at $26.31, with a volume of 551656 shares changing hands. The stock had previously closed at $21.34.

The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. Perimeter Solutions had a negative return on equity of 1.11% and a net margin of 13.05%.The company had revenue of $162.64 million during the quarter, compared to analysts’ expectations of $108.91 million.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PRM. Wall Street Zen downgraded Perimeter Solutions from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. Morgan Stanley restated an “overweight” rating and issued a $27.00 target price on shares of Perimeter Solutions in a research note on Friday, October 17th. UBS Group raised their target price on shares of Perimeter Solutions from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Zacks Research upgraded shares of Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Perimeter Solutions in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Perimeter Solutions has an average rating of “Buy” and an average target price of $26.00.

Insider Buying and Selling at Perimeter Solutions

In related news, CFO Kyle Sable sold 40,000 shares of the firm’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $22.05, for a total value of $882,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vivek Raj sold 25,000 shares of Perimeter Solutions stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $22.45, for a total transaction of $561,250.00. Following the sale, the director owned 121,701 shares of the company’s stock, valued at approximately $2,732,187.45. The trade was a 17.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 365,000 shares of company stock valued at $8,127,250. 10.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Perimeter Solutions

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC acquired a new position in Perimeter Solutions during the second quarter worth $42,000. Cullen Frost Bankers Inc. raised its stake in shares of Perimeter Solutions by 161.2% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 3,124 shares of the company’s stock worth $43,000 after buying an additional 1,928 shares during the last quarter. Comerica Bank raised its stake in shares of Perimeter Solutions by 45.0% during the 1st quarter. Comerica Bank now owns 4,267 shares of the company’s stock worth $43,000 after buying an additional 1,324 shares during the last quarter. Brown Lisle Cummings Inc. acquired a new position in shares of Perimeter Solutions during the 3rd quarter worth $45,000. Finally, TD Private Client Wealth LLC raised its position in Perimeter Solutions by 1,450.0% during the third quarter. TD Private Client Wealth LLC now owns 2,108 shares of the company’s stock worth $47,000 after acquiring an additional 1,972 shares during the last quarter. 89.93% of the stock is currently owned by institutional investors and hedge funds.

Perimeter Solutions Stock Performance

The stock has a fifty day moving average price of $22.00 and a two-hundred day moving average price of $16.66. The company has a quick ratio of 2.60, a current ratio of 4.04 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 60.37 and a beta of 1.98.

Perimeter Solutions Company Profile

Perimeter Solutions, SA manufactures and supplies firefighting products and lubricant additives in the United States, Germany, and internationally. It operates in two segments, Fire Safety and Specialty Products. The Fire Safety segment provides fire retardants and firefighting foams, as well as specialized equipment and services for federal, state, provincial, local/municipal, and commercial customers.