10,124 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,124 shares of the company's stock, valued at approximately $312,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Green Alpha Advisors LLC purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $835,000. PNC Financial Services Group Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at about $252,000. Fulton Bank N.A. acquired a new stake in shares of Primo Brands during the 4th quarter worth about $669,000. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands during the fourth quarter worth approximately $111,169,000. Finally, Sei Investments Co. acquired a new position in Primo Brands in the fourth quarter valued at approximately $10,548,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several recent analyst reports. TD Securities initiated coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective on the stock. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price for the company. JPMorgan Chase & Co. lifted their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, Royal Bank of Canada raised their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has an average rating of "Buy" and a consensus price target of $41.50.

Primo Brands Stock Up 1.3 %

NYSE PRMB traded up $0.43 during trading hours on Friday, hitting $33.52. 2,758,108 shares of the stock were exchanged, compared to its average volume of 3,235,751. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The stock has a 50-day moving average of $33.20. The company has a market cap of $12.74 billion, a P/E ratio of 39.87, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. On average, equities research analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.19%.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.