Heartland Advisors Inc. Buys 398,311 Shares of Primo Brands Corporation $PRMB

Key Points

• Heartland Advisors boosted its stake in Primo Brands by 83.5% in Q1, buying 398,311 additional shares and bringing its total holding to 875,411 shares, worth about $16.5 million.
• Primo Brands reported mixed quarterly results: earnings of $0.23 per share missed estimates by a penny, while revenue of $1.63 billion slightly beat expectations. Revenue was up just 0.8% year over year.
• The stock recently traded down 2.2%, and analyst sentiment remains generally positive with a Moderate Buy consensus and an average price target of $26.18, above the current price near $24.82.

Heartland Advisors Inc. increased its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 83.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 875,411 shares of the company's stock after purchasing an additional 398,311 shares during the period. Heartland Advisors Inc. owned approximately 0.24% of Primo Brands worth $16,484,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Caption Management LLC acquired a new position in shares of Primo Brands during the third quarter worth about $27,000. LRI Investments LLC raised its position in Primo Brands by 203.1% in the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company's stock valued at $32,000 after buying an additional 1,306 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company's stock valued at $62,000 after acquiring an additional 1,058 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company's stock valued at $35,000 after acquiring an additional 850 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Primo Brands by 21,481.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company's stock valued at $39,000 after acquiring an additional 2,363 shares in the last quarter. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Down 2.2%

NYSE:PRMB opened at $24.82 on Friday. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $29.23. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of 177.31, a price-to-earnings-growth ratio of 2.14 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The stock's 50 day moving average price is $24.03 and its two-hundred day moving average price is $21.00.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business posted $0.29 earnings per share. Primo Brands's quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts expect that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands's dividend payout ratio is presently 342.86%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Primo Brands from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Jefferies Financial Group upgraded shares of Primo Brands from a "hold" rating to a "buy" rating and set a $25.00 target price for the company in a report on Friday, March 27th. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $26.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a research report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $26.18.

Primo Brands Company Profile

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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