Primo Brands Corporation $PRMB Shares Sold by Ancora Advisors LLC

Key Points

• Ancora Advisors LLC has decreased its stake in Primo Brands Corporation by 31.3%, dropping to 220,703 shares valued at approximately $7.83 million.
• Primo Brands announced a quarterly dividend of $0.10 per share, resulting in an annualized yield of 1.6%, with the dividend to be paid on September 4th.
• The company's recent earnings report showed a miss in earnings per share at $0.36, which was below the analysts' expectation of $0.41, despite a 31.6% year-over-year revenue increase.

Ancora Advisors LLC lessened its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 31.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 220,703 shares of the company's stock after selling 100,766 shares during the period. Ancora Advisors LLC owned approximately 0.06% of Primo Brands worth $7,833,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in PRMB. Boston Partners grew its position in Primo Brands by 9,613.2% in the first quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after purchasing an additional 7,044,263 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Primo Brands in the 1st quarter valued at approximately $184,225,000. Eminence Capital LP acquired a new stake in shares of Primo Brands during the 4th quarter worth approximately $145,670,000. Vanguard Group Inc. increased its position in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after purchasing an additional 4,389,327 shares in the last quarter. Finally, Axiom Investors LLC DE acquired a new position in Primo Brands during the 1st quarter worth approximately $115,081,000. Institutional investors own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In related news, CEO Robbert Rietbroek acquired 8,285 shares of the stock in a transaction on Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael John Cramer bought 4,000 shares of Primo Brands stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost 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. Over the last 90 days, insiders have acquired 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company's stock.

Primo Brands Trading Down 2.7%

Primo Brands stock traded down $0.68 during mid-day trading on Monday, reaching $24.56. 5,502,656 shares of the company traded hands, compared to its average volume of 5,263,739. The firm's 50 day moving average price is $27.01 and its 200 day moving average price is $30.43. The firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of -223.28, a P/E/G ratio of 0.67 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The business's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.6%. The ex-dividend date was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

Analysts Set New Price Targets

A number of research firms have weighed in on PRMB. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Barclays dropped their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Mizuho decreased their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Morgan Stanley decreased their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Finally, TD Securities reduced their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Company 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.