Gamco Investors INC. ET AL Has $213,000 Position in Primo Brands Corporation $PRMB

Key Points

• Gamco Investors INC. ET AL significantly reduced its stake in Primo Brands Corporation by 79.3%, selling 23,000 shares and now holding only 6,000 shares valued at $213,000.
• Primo Brands reported quarterly earnings of $0.36 EPS, which fell short of analysts' expectations of $0.41, while their revenue increased by 31.6% year-over-year to $1.73 billion.
• The company announced a quarterly dividend of $0.10, with a payout ratio of -363.64%, and will be paid to investors of record on August 21st.

Gamco Investors INC. ET AL trimmed its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 79.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,000 shares of the company's stock after selling 23,000 shares during the quarter. Gamco Investors INC. ET AL's holdings in Primo Brands were worth $213,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after buying an additional 4,389,327 shares in the last quarter. Boston Partners grew its holdings in Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after buying an additional 7,044,263 shares in the last quarter. Victory Capital Management Inc. bought a new position in Primo Brands in the 1st quarter worth approximately $184,225,000. Eminence Capital LP bought a new position in Primo Brands in the 4th quarter worth approximately $145,670,000. Finally, Ameriprise Financial Inc. grew its holdings in Primo Brands by 42.0% in the 1st quarter. Ameriprise Financial Inc. now owns 3,701,911 shares of the company's stock worth $131,381,000 after buying an additional 1,094,650 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Steven P. Stanbrook acquired 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was bought 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 of the company's stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael John Cramer acquired 4,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the transaction, the director directly 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. In the last 90 days, insiders purchased 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Morgan Stanley decreased their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Bank of America decreased their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Mizuho cut their target price on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Finally, Barclays cut their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Primo Brands presently has an average rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Price Performance

PRMB traded down $0.13 during trading on Tuesday, reaching $24.98. The stock had a trading volume of 4,435,331 shares, compared to its average volume of 6,771,135. The firm has a market capitalization of $9.33 billion, a price-to-earnings ratio of -227.13, a price-to-earnings-growth ratio of 0.66 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 stock has a 50 day moving average of $27.27 and a two-hundred day moving average of $30.62.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates 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 analyst estimates of $1.83 billion. The company's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

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