Here’s Why Perimeter Solutions SA (PRM) Declined in Q2

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +8.03% compared to an +8.39% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +11.33% year-to-date compared to +16.17% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Partners III Opportunity Fund highlighted stocks like Perimeter Solutions, SA (NYSE:PRM) in the second quarter 2023 investor letter. Headquartered in Clayton, Missouri, Perimeter Solutions, SA (NYSE:PRM) is a firefighting products and lubricant additives manufacturer and supplier. On August 7, 2023, Perimeter Solutions, SA (NYSE:PRM) stock closed at $5.79 per share. One-month return of Perimeter Solutions, SA (NYSE:PRM) was 3.82%, and its shares lost 46.88% of their value over the last 52 weeks. Perimeter Solutions, SA (NYSE:PRM) has a market capitalization of $896.664 million.

Weitz Partners III Opportunity Fund made the following comment about Perimeter Solutions, SA (NYSE:PRM) in its second quarter 2023 investor letter:

“Among the Fund’s long holdings, Perimeter Solutions, SA (NYSE:PRM), CoreCard Corp. (CCRD US), and Liberty Global plc (LBTYK US) were our top quarterly detractors. Shares of Perimeter have slumped as a new entrant has won approval from the U.S. Forest Service for its competitive wildfire retardant product, though its initial contract wins have been modest. As we move through the wildfire season, we believe Perimeter’s operating results will remind investors why they are the dominant provider in the space.”

Perimeter Solutions, SA (NYSE:PRM) is not on on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Perimeter Solutions, SA (NYSE:PRM) at the end of first quarter which was 23 in the previous quarter.

We discussed Perimeter Solutions, SA (NYSE:PRM) in another article and shared Tourlite Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.