Entropy Technologies LP Increases Stock Holdings in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Entropy Technologies LP significantly increased its stake in Primo Brands Corporation by 264.5% in Q1, now owning 27,937 shares worth approximately $991,000.
• Primo Brands reported a quarterly EPS of $0.36, missing analyst estimates, with a revenue of $1.73 billion compared to expectations of $1.83 billion, despite a year-over-year revenue increase of 31.6%.
• The company has declared a quarterly dividend of $0.10, resulting in an annual yield of 1.7%, although its dividend payout ratio is currently at a negative 363.64%.

Entropy Technologies LP raised its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 264.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,937 shares of the company's stock after purchasing an additional 20,272 shares during the period. Entropy Technologies LP's holdings in Primo Brands were worth $991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PRMB. Victory Capital Management Inc. acquired a new stake in Primo Brands in the 1st quarter valued at about $184,225,000. Eminence Capital LP acquired a new stake in Primo Brands in the 4th quarter valued at about $145,670,000. Vanguard Group Inc. raised its position in Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Primo Brands in the 4th quarter valued at about $128,982,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Primo Brands in the 4th quarter valued at about $101,064,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insider Activity at Primo Brands

In other news, CEO Robbert Rietbroek purchased 8,285 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the transaction, the director owned 125,025 shares of the company's stock, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PRMB shares. TD Securities reduced their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Mizuho began coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Bank of America cut their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Finally, Royal Bank Of Canada cut their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.60.

Primo Brands Stock Performance

PRMB traded up $0.01 during trading on Friday, hitting $24.58. 5,734,339 shares of the stock were exchanged, compared to its average volume of 6,909,999. The firm has a market capitalization of $9.18 billion, a P/E ratio of -223.45, a PEG ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a 1-year low of $21.54 and a 1-year high of $35.85. The stock has a fifty day moving average price of $28.39 and a two-hundred day moving average price of $31.31. 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 (NYSE:PRMB - Get Free Report) last released its quarterly 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). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%. The firm's revenue for the quarter was up 31.6% compared to the same quarter last year. As a group, sell-side analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.6%. Primo Brands's payout ratio is -363.64%.

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.