42,427 Shares in Primo Brands Corporation $PRMB Acquired by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC has acquired 42,427 shares of Primo Brands Corporation, valued at approximately $1.26 million, indicating strong institutional interest in the stock.
• Directors at Primo Brands have increased their stakes, with purchases totaling 24,685 shares worth $595,770 in the last three months, showcasing insider confidence in the company's future.
• The company reported $0.36 EPS for the last quarter, missing the consensus estimate, while revenue increased 31.6% year-over-year, indicating potential growth despite recent earnings challenges.

Exchange Traded Concepts LLC acquired a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 42,427 shares of the company's stock, valued at approximately $1,257,000.

Other institutional investors also recently modified their holdings of the company. IFP Advisors Inc bought a new position in shares of Primo Brands in the first quarter worth approximately $40,000. Versant Capital Management Inc increased its position in shares of Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Primo Brands in the first quarter worth approximately $43,000. Parallel Advisors LLC grew its position in Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after acquiring an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in Primo Brands during the first quarter valued at approximately $54,000. 87.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Primo Brands

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

Primo Brands Price Performance

Shares of NYSE:PRMB opened at $22.22 on Tuesday. Primo Brands Corporation has a 1-year low of $21.60 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The business has a fifty day moving average price of $25.58 and a 200-day moving average price of $29.66. The company has a market capitalization of $8.30 billion, a PE ratio of -202.03, a PEG ratio of 0.59 and a beta of 0.76.

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

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands's payout ratio is currently -363.64%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Zacks Research cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Mizuho reduced their price target on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 20th. TD Securities reduced their price target on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Bank of America reduced their price target 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. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Primo Brands currently has an average rating of "Moderate Buy" and an average price target of $36.18.

Primo Brands Profile

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.

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