FORA Capital LLC Purchases New Shares in Primo Brands Corporation $PRMB

Key Points

• FORA Capital LLC has acquired a new stake in Primo Brands Corporation, purchasing 66,573 shares valued at approximately $2.36 million, during the first quarter.
• Insider transactions showed significant buying, with Director Steven P. Stanbrook acquiring 12,400 shares and CEO Robbert Rietbroek buying 8,285 shares, increasing their ownership in the company.
• Primo Brands recently reported earnings of $0.36 per share, missing analysts' estimates, and its stock has seen a yearly high of $35.85 and a low of $21.60.

FORA Capital LLC acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 66,573 shares of the company's stock, valued at approximately $2,363,000.

Other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management bought a new position in shares of Primo Brands during the first quarter worth about $608,000. Bank of New York Mellon Corp grew its holdings in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after buying an additional 96,366 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after buying an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after buying an additional 1,656 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Primo Brands by 8.7% during the first quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after buying an additional 29,939 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PRMB shares. Royal Bank Of Canada decreased their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Mizuho decreased their price target 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. TD Securities decreased 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. Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Primo Brands has a consensus rating of "Moderate Buy" and an average price target of $37.30.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook bought 12,400 shares of Primo Brands stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director owned 125,025 shares of the company's stock, valued at $3,005,601. The trade was a 11.01% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robbert Rietbroek bought 8,285 shares of Primo Brands stock in a transaction dated 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 $14,142,737.88. This trade represents a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by company insiders.

Primo Brands Stock Performance

Shares of NYSE PRMB traded up $0.10 during midday trading on Monday, hitting $25.12. 4,532,407 shares of the company's stock were exchanged, compared to its average volume of 7,138,743. 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 12 month low of $21.60 and a 12 month high of $35.85. The company's 50 day moving average price is $27.36 and its 200 day moving average price is $30.66. The firm has a market capitalization of $9.38 billion, a PE ratio of -228.39, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76.

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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The company's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

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

About Primo Brands

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.