Connor Clark & Lunn Investment Management Ltd. Sells 20,606 Shares of Primo Brands Corporation $PRMB

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Primo Brands Corporation by 24.5%, selling 20,606 shares and holding 63,427 shares valued at $2.25 million.
• Corporate insiders have been active with Director Steven P. Stanbrook purchasing 12,400 shares and CEO Robbert Rietbroek acquiring 8,285 shares, indicating confidence in the company's stock.
• Primo Brands reported a quarterly earnings miss with $0.36 earnings per share, below the expected $0.41, and generated $1.73 billion in revenue, lower than the projected $1.83 billion.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,427 shares of the company's stock after selling 20,606 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Primo Brands were worth $2,251,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PRMB. IFP Advisors Inc purchased a new stake in shares of Primo Brands during the 1st quarter valued at $40,000. Versant Capital Management Inc increased its position in shares of Primo Brands by 286.7% during 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 during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Primo Brands during the 1st quarter valued at $43,000. Parallel Advisors LLC increased its position in shares of Primo Brands by 225.5% during 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 during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Primo Brands during the 1st quarter valued at $54,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRMB. Royal Bank Of Canada decreased their target price 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. Bank of America cut their price target 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. TD Securities cut their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Morgan Stanley cut their price target on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Finally, Mizuho began coverage on Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.60.

Primo Brands Price Performance

NYSE PRMB traded down $0.3050 during trading hours on Tuesday, hitting $24.7350. The company had a trading volume of 577,186 shares, compared to its average volume of 5,266,133. Primo Brands Corporation has a 52 week low of $21.54 and a 52 week high of $35.85. The firm has a 50 day simple moving average of $28.30 and a 200 day simple moving average of $31.24. 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 firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of -224.87, a PEG ratio of 0.58 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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 company had revenue of $1.73 billion during 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. Equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

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

Insiders Place Their Bets

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

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.