Axiom Investors LLC DE Acquires New Position in Primo Brands Corporation $PRMB

Key Points

• Axiom Investors LLC DE acquired a substantial position in Primo Brands Corporation, purchasing 3,242,619 shares valued at approximately $115 million, making it the firm's 28th largest position.
• CEO Robbert Rietbroek and Director Michael John Cramer recently increased their stakes in Primo Brands, buying shares valued at $199,834 and $97,840 respectively, indicating confidence in the company's future.
• Primo Brands Corporation announced a quarterly dividend of $0.10 per share, with a payout ratio currently at -363.64%, and has recently reported a miss in earnings expectations for the last quarter.

Axiom Investors LLC DE acquired a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,242,619 shares of the company's stock, valued at approximately $115,081,000. Primo Brands accounts for 1.1% of Axiom Investors LLC DE's investment portfolio, making the stock its 28th biggest position. Axiom Investors LLC DE owned about 0.86% of Primo Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management acquired a new position in shares of Primo Brands during the first quarter worth about $608,000. Bank of New York Mellon Corp increased its stake in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after acquiring an additional 96,366 shares during the period. Amalgamated Bank increased its stake in shares of Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after acquiring an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after acquiring an additional 1,656 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Primo Brands by 8.7% during the first quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after acquiring an additional 29,939 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Price Performance

PRMB traded down $0.26 on Friday, hitting $24.07. 3,603,430 shares of the company were exchanged, compared to its average volume of 4,516,749. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The business's fifty day moving average is $26.46 and its 200 day moving average is $30.15. Primo Brands Corporation has a fifty-two week low of $21.60 and a fifty-two week high of $35.85. The firm has a market capitalization of $8.99 billion, a P/E ratio of -218.77, a price-to-earnings-growth ratio of 0.64 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were given a $0.10 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. Primo Brands's dividend payout ratio is currently -363.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PRMB shares. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Morgan Stanley reduced their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Royal Bank Of Canada reduced their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Bank of America lowered their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Finally, The Goldman Sachs Group assumed coverage on shares of Primo Brands in a research report on Thursday. They set a "neutral" rating and a $25.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.18.

Insider Activity

In other Primo Brands news, Director Michael John Cramer purchased 4,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Steven P. Stanbrook bought 12,400 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average cost of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director directly owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 24,685 shares of company stock worth $595,770 over the last ninety days. 58.40% of the stock is currently owned by insiders.

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.