KLP Kapitalforvaltning AS Raises Stock Holdings in Primo Brands Corporation $PRMB

Key Points

• KLP Kapitalforvaltning AS increased its stake in Primo Brands Corporation by 40.1%, bringing its total shares to 58,391 worth approximately $1.73 million.
• Primo Brands reported a loss in its recent earnings, with an EPS of $0.36, missing the consensus estimate by $0.05 despite a 31.6% year-on-year revenue growth.
• The company declared a quarterly dividend of $0.10, translating to an annual yield of 1.9%, although it has a negative payout ratio of -363.64%.

KLP Kapitalforvaltning AS raised its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 40.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,391 shares of the company's stock after buying an additional 16,700 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Primo Brands were worth $1,730,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc purchased a new stake in Primo Brands in the first quarter valued at approximately $40,000. New Age Alpha Advisors LLC purchased a new stake in Primo Brands in the first quarter valued at approximately $43,000. Millstone Evans Group LLC purchased a new stake in Primo Brands in the first quarter valued at approximately $54,000. GAMMA Investing LLC raised its stake in shares of Primo Brands by 34.5% during the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after purchasing an additional 498 shares during the last quarter. Finally, Asset Management One Co. Ltd. purchased a new stake in shares of Primo Brands during the first quarter worth approximately $74,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Down 3.8%

Primo Brands stock opened at $21.53 on Monday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The firm has a market capitalization of $8.04 billion, a price-to-earnings ratio of -195.73, a price-to-earnings-growth ratio of 0.57 and a beta of 0.76. Primo Brands Corporation has a fifty-two week low of $21.45 and a fifty-two week high of $35.85. The stock's fifty day moving average is $23.79 and its two-hundred day moving average is $28.68.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates 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 for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.9%. Primo Brands's dividend payout ratio is -363.64%.

Insider Buying and Selling at Primo Brands

In other news, CEO Robbert Rietbroek bought 8,285 shares of the 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 acquisition, the chief executive officer owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael John Cramer bought 4,000 shares of the stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the acquisition, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. The trade was a 45.65% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 24,685 shares of company stock valued at $595,770. Insiders own 58.40% of the company's stock.

Analyst Upgrades and Downgrades

PRMB has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on Primo Brands in a research note on Thursday, September 11th. They set a "neutral" rating and a $25.00 price target for the company. Barclays cut their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Royal Bank Of Canada cut their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Weiss Ratings restated a "hold (c-)" rating on shares of Primo Brands in a research note on Wednesday, October 8th. Finally, Bank of America cut their price target on Primo Brands from $32.00 to $26.00 and set a "buy" rating for the company in a research note on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

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.

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