Algert Global LLC Purchases Shares of 12,720 Primo Brands Corporation $PRMB

Key Points

• Algert Global LLC acquired a new stake in Primo Brands Corporation, purchasing 12,720 shares valued at approximately $451,000.
• Several institutional investors increased their stakes in Primo Brands, notably Boston Partners which boosted its position by 9,613.2%, owning over 7 million shares valued at $252 million.
• Primo Brands reported weaker-than-expected quarterly earnings, with a net loss and revenue below consensus estimates, while announcing a quarterly dividend of $0.10 per share to be paid soon.

Algert Global LLC purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,720 shares of the company's stock, valued at approximately $451,000.

Several other hedge funds have also recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in shares of Primo Brands by 12.1% during the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock worth $107,000 after purchasing an additional 325 shares during the period. GAMMA Investing LLC raised its position in Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after acquiring an additional 498 shares in the last quarter. CWM LLC raised its position in Primo Brands by 20.5% in the first quarter. CWM LLC now owns 4,975 shares of the company's stock worth $177,000 after acquiring an additional 847 shares in the last quarter. Parallel Advisors LLC raised its position in Primo Brands by 225.5% in the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after acquiring an additional 902 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in 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 acquiring an additional 906 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Price Performance

Shares of PRMB stock traded up $0.10 during mid-day trading on Friday, reaching $25.12. The stock had a trading volume of 4,532,407 shares, compared to its average volume of 7,204,267. Primo Brands Corporation has a 12-month low of $21.60 and a 12-month high of $35.85. The company has a market cap of $9.38 billion, a P/E ratio of -228.39, a price-to-earnings-growth ratio of 0.66 and a beta of 0.72. The business has a 50-day simple moving average of $27.46 and a 200 day simple moving average of $30.73. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. 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. On average, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PRMB shares. Bank of America cut their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a research report on Friday, August 8th. Royal Bank Of Canada cut their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Mizuho cut their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Finally, Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $37.30.

Insider Activity at Primo Brands

In related news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the purchase, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael John Cramer acquired 4,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the purchase, the director owned 12,762 shares of the company's stock, valued at approximately $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 24,685 shares of company stock valued at $595,770 over the last quarter. Insiders own 58.40% of the company's stock.

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.