Is it Still Worthy to Invest in Perimeter Solutions (PRM)?
Weitz Investment Management, an investment management firm, released its "Weitz Multi Cap Equity Fund" third quarter 2023 investor letter, a copy of which can be downloaded here. In the third quarter, the Institutional Class of the Multi Cap Equity Fund yielded a return of -2.06%, while the Russell 3000 experienced a slightly greater decline at -3.25%. When examining the year-to-date performance, the Fund's Institutional Class achieved a positive return of +9.13%, trailing behind the Russell 3000, which posted a higher return of +12.39%. Take a moment to review the fund's top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Weitz Multi Cap Equity Fund mentioned Perimeter Solutions, SA (NYSE:PRM) and explained its insights for the company. Perimeter Solutions, SA (NYSE:PRM) is a St. Louis, Missouri-based chemicals company with a $489.7 million market capitalization. Perimeter Solutions, SA (NYSE:PRM) delivered a -66.63% return since the beginning of the year, while its 12-month returns are down by -68.10%. The stock closed at $3.05 per share on November 8, 2023.
Here is what Weitz Multi Cap Equity Fund has to say about Perimeter Solutions, SA (NYSE:PRM) in its Q3 2023 investor letter:
"Perimeter Solutions, SA (NYSE:PRM), the leading provider of fire retardants and firefighting foam, experienced weakened quarterly results due to a decline in wildfire activity, particularly in its largest market, California. Acres burned this year have been significantly below average, diminishing cash flow and obscuring the company's potential earnings power in a more typical year."
A chemist in a laboratory mixing specialty chemicals and materials for research.
Our calculations show that Perimeter Solutions, SA (NYSE:PRM) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Perimeter Solutions, SA (NYSE:PRM) was in 22 hedge fund portfolios at the end of the second quarter of 2023, compared to 22 funds in the previous quarter. Perimeter Solutions, SA (NYSE:PRM) delivered a -47.86% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
