2,042,202 Shares in Primo Brands Corporation $PRMB Purchased by Ghisallo Capital Management LLC

Key Points

• Ghisallo Capital Management LLC has acquired a significant stake in Primo Brands Corporation, purchasing 2,042,202 shares valued at approximately $72.5 million, making it the fund's second largest holding.
• Primo Brands reported earnings per share (EPS) of $0.36 for the last quarter, falling short of analyst estimates, and provided forth-quarter guidance anticipating 1.13 EPS for the current year.
• The company has declared a quarterly dividend of $0.10 per share, with an expected annual yield of 1.6%, despite a substantial dividend payout ratio of -363.64%.

Ghisallo Capital Management LLC acquired a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,042,202 shares of the company's stock, valued at approximately $72,478,000. Primo Brands accounts for 6.3% of Ghisallo Capital Management LLC's portfolio, making the stock its 2nd largest holding. Ghisallo Capital Management LLC owned approximately 0.54% of Primo Brands at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC acquired a new position in Primo Brands during the fourth quarter worth $98,000. State of Tennessee Department of Treasury acquired a new position in Primo Brands during the fourth quarter worth $710,000. Price T Rowe Associates Inc. MD acquired a new position in Primo Brands during the fourth quarter worth $10,640,000. Voya Investment Management LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at $1,455,000. Finally, Public Employees Retirement Association of Colorado acquired a new stake in shares of Primo Brands in the fourth quarter valued at $68,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Down 0.5%

NYSE:PRMB traded down $0.13 during trading hours on Tuesday, hitting $24.98. The company's stock had a trading volume of 4,435,331 shares, compared to its average volume of 6,771,135. The stock has a market capitalization of $9.33 billion, a P/E ratio of -227.13, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76. The stock has a fifty day moving average of $27.27 and a 200-day moving average of $30.62. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted 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). The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

Insider Buying and Selling at Primo Brands

In related news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was bought at an average price 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 approximately $14,142,737.88. The trade was a 1.43% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven P. Stanbrook bought 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the transaction, the director directly owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This represents a 11.01% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 24,685 shares of company stock worth $595,770 over the last 90 days. Corporate insiders own 58.40% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PRMB shares. Morgan Stanley reduced their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Barclays reduced their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. TD Securities reduced their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Bank of America reduced their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price objective 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.30.

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.