Ancora Advisors LLC Cuts Stock Holdings in Primo Brands Corporation $PRMB

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 decreased its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 31.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 220,703 shares of the company's stock after selling 100,766 shares during the quarter. Ancora Advisors LLC owned approximately 0.06% of Primo Brands worth $7,833,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC boosted its stake in shares of Primo Brands by 12.1% in the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after purchasing an additional 325 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Primo Brands by 34.5% in the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock valued at $69,000 after purchasing an additional 498 shares in the last quarter. CWM LLC boosted its stake in shares of Primo Brands by 20.5% in the 1st quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after purchasing an additional 847 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares in the last quarter. Institutional investors own 87.71% of the company's stock.

Insider Buying and Selling

In related news, Director Steven P. Stanbrook purchased 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the purchase, the chief executive officer directly owned 586,349 shares of the company's stock, valued at $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 24,685 shares of company stock worth $595,770. Company insiders own 58.40% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on PRMB shares. Royal Bank Of Canada lowered their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Bank of America lowered their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Mizuho lowered their target price on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, August 20th. Finally, Barclays lowered their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

Primo Brands Stock Down 0.4%

Shares of NYSE PRMB traded down $0.09 during trading hours on Tuesday, hitting $24.46. The company had a trading volume of 681,381 shares, compared to its average volume of 5,236,350. The stock has a market capitalization of $9.14 billion, a P/E ratio of -222.95, a price-to-earnings-growth ratio of 0.67 and a beta of 0.76. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 1-year low of $21.60 and a 1-year high of $35.85. The firm's 50 day moving average is $26.91 and its 200-day moving average is $30.37.

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 negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. Primo Brands's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors 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 dividend on an annualized basis and a dividend yield of 1.6%. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

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.